Answer:
Step-by-step explanation:
The compound interest formula is given by:
Where A(t) is the amount of money in the account after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the number of years the money is invested or borrowed for.
For this problem, we have that:
The investment is compounded monthly. There are 12 months in a year. So
The interest rate is 3%. So .
So
The amount of money in her account after t years is: