Question

you deposit $1.000 in a saving account that earns 0.5% each month. Assuming you do not deposit or withdraw any from the account, how much will you have in the account after 3 years?

Answer 1

1 + {[(1 * 0.5) x 12] x 3}

1 + {[0.5 x 12] x 3}

1 + {6 x 3}

1 + 18

19

I'm not sure if that's a 1.000 or 1,000 so:

1,000 + {[(1,000 * .5) x 12] x 3}

1,000 + {[500 x 12] x 3}

1,000 + {6,000 x 3}

1,000 + 18,000

19,000