Answer:
3.590.04
Step-by-step explanation:
The formula given for total amount saved when compounding interest =
A = P(1 + r/n)^nt
Where
A = Total amount saved after t years
P = Principal or initial amount saved
r = Interest rate
n = compounding frequency
t = time in years
From the above question
P = 3000
r =6% = 0.06
n =compounded monthly = 12
t = 3 years
Hence,
A = 3000(1 + 0.06/12)^3 × 12
A = 3000(1 + 0.06/12)^36
A = 3,590.04
Therefore, the total amount Imran will have in his account after 3 years = 3,590.04
