Solve the problem. Round to the nearest cent.Carl deposited $1220 in a bank that pays 9% interest, compounded monthly. Find the amount he will have at the end of 3 years.

Use the compound-interest formula A = P(1 + r/n)^(nt), where P = $1,220, r = 0.09, n = 12, and t = 3. Then A = 1,220(1 + 0.09/12)^36 ≈ $1,596.55. The correct choice is $1,596.55.

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