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3 years ago

How much money will there be in an account at the end of 10 years if $3000 is deposited at 3% interest compounded

Mathematics

1 answer:

BaLLatris [955]3 years ago

6 0

Answer:

$4040.57

Step-by-step explanation:

A=P(1+(r/n))^nt

P = Principal = 3000

r = rate = 0.03

n = no. times payed each year = 2

t = years = 10

A = 3000(1 + (0.03/2))^(2x10)

A = 3000(1.015)^20

A = 4040.57 (2.d.p)

Hope this helped!

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