PLEASE PLEASE HELP ME WITH THSI MATH PROBLEM!!!
1 answer:
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Answer:
The $3485.52 money did Meg have at the end of the account term.
Step-by-step explanation:
Formula for compounded monthly
Where P is the principle , r is the rate of interest in the decimal form and n is the number of years.
As given
Meg deposited a $3,000 bonus check in a new savings account. The account has an interest rate of 3% for 5 years.
Principle = $3000
3% is written in the decimal form
= 0.03
Time = 5 years
Put in the formula
Amount = $ 3485.52
Therefore the $ 3485.52 money did Meg have at the end of the account term.