Robert deposits $ 3000 in State Bank of India for 3 year which earn him an interest of 8%. How much money does have in TOTAL aft

Question

3 years ago

10

er 3 years with interest? Show your steps to support your answer.

1 answer:

Eddi Din [679] · Answer 1 · 2022-08-25T05:57:51+03:00

7 0

Answer:

$3779.14

Step-by-step explanation:

I'm going to assume that the interest is compounding annually

We have the following equation

PV(1+i)ⁿ

Plug in our numbers and we have

3000(1+.08)³

3000(1.259712)=3779.136 which rounds to 3779.14