The final balance is ₹9,730.2. The total compound interest is ₹6,730.2. If the deposit is $3000 each year and 4% interest.
<h3>How to calculate compound interest ?</h3>
Compound interest is the addition of interest to the principal sum of a loan or deposit, or interest on interest plus interest.
The formula for annual compound interest is as follows:
FV = P (1+ r/m)^mt
FV - the future value of the investment, in our calculator it is the final balance
P - the initial balance
r - the annual interest rate
m - the number of times the interest is compounded per year
t - the numbers of years the money is invested for
initial balance P = $3000
number of years t = 30
Interest rate r = 4%
interest is compounded m = 1
The value of your investment after 30 years FV = ₹9,730.2
The profit will be FV - P = ₹9,730.2 - $3000 = $6,730.2
The final balance is ₹9,730.2.
The total compound interest is ₹6,730.2.
To learn more about compound interest refer :
brainly.com/question/24274034
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