you deposit 1000 in savings account that earns .5% each month assuming you do not deposit or withdraw any money from the account , how much will you have in the account after 3 years
1 answer:
Answer:
$1015.11
Step-by-step explanation:
Compounded interest rate formula: A = P(1 + r/n)^t
Step 1: Plug in known variables
A = 1000(1 + 0.005/12)^36
Step 2: Multiply it all together
1000(1.00042)^36
1000(1.01511)
1015.11
This is a pretty bad bank considering only giving you .5% interest per month.
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