Answer:
The right solution is "$1001.49".
Step-by-step explanation:
The given values are:
Deposited amount,
P = $700
Rate if interest,
r = 2%
Time,
t = 3
n = 12
As we know,
⇒ [tex]A = P ( 1 + \frac{r}{n} )^{nt}[/tex]
On putting the given values in the above formula, we get
⇒   [tex]=700 ( 1 + \frac{0.2}{12} )^{12\times 3}[/tex]
⇒   [tex]=700 (\frac{12+0.2}{12} )^{36}[/tex]
⇒   [tex]=700(\frac{12.2}{12} )^{36}[/tex]
⇒   [tex]=700\times (1.01)^{36}[/tex]
⇒   [tex]=700\times 1.4307[/tex]
⇒   [tex]=1001.49[/tex] ($)
