A principal of $2000 is placed in a savings account at 3% per annum compounded annually. How much is in the account after one ye
ar, two years and three years?
1 answer:
Answer:
Step-by-step explanation:
After one year
A=p(1+r/n)^nt
=2000(1+0.03/12)^12*1
=2000(1+0.0025)^12
=2000(1.0025)^12
=2000(1.0304)
=$2060.8
After two-years
A=p(1+r/n)^nt
=2060.8(1+0.03/12)^12*2
=2060.8(1+0.0025)^24
=2060.8(1.0025)^24
=2060.8(1.0618)
=$2188.157
After three years
A=p(1+r/n)^nt
=2188.157(1+0.03/12)^12*3
=2188.157(1+0.0025)^36
=2188.157(1.0025)^36
=2188.157(1.0941)
=$2394.063
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