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You deposit $3000 in an account earning 3% interest compounded monthly. How much will you have in the account in 15 years?
You deposit $3000 in an account earning 3% interest compounded monthly. How much will you have in the account in 15 years?
Use thecompound interest formulato find the amount in the account after 15 years.The amountAin an account that earns interest at a rater(written as a decimal) aftertyears, withncompounding periods a year where an initial amountPwas invested, is given by:ReplaceP=3000,r=0.03,n=12andt=15to find the amount after 15 years:Therefore, you will have $4702.30....
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