The total amount accrued, principal plus interest, with compound interest on a principal of $3,000.00 at a rate of 6% per year compounded 1 times per year over 3 years is $3,573.05.
<h3>Compound Interest</h3>
Given Data
A = P + I where
P (principal) = $3,000.00
I (interest) = $573.05
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 6/100
r = 0.06 rate per year,
Then solve the equation for A
A = P(1 + r/n)^nt
A = 3,000.00(1 + 0.06/1)^(1)(3)
A = 3,000.00(1 + 0.06)^(3)
A = $3,573.05
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