Answer:
After 12 years Bob will have $ 4,508.80 in his account.
Step-by-step explanation:
Given that Bob wants to invest his $ 3000 in an account that gets 3.4% interest rate compounded monthly, to determine how much money will he have after 12 years the following calculation must be performed:
3000 x (1 + 0.034 / 12) ^ 12x12 = X
3000 x (1 + 0.0028333) ^ 144 = X
3000 x 1.0028333 ^ 144 = X
3000 x 1.502932 = X
4,508.80 = X
Therefore, after 12 years Bob will have $ 4,508.80 in his account.
