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