If $3,000.00 is deposited into an account paying 3% interest compounded annually (at the end of each year), how much money is in the account after 4 years? (Round to the nearest cent.)

1.03^4 = 1.1255

so multiply 3,000 by 1.1255

To find the amount of money in the account after 4 years with compound interest, we can use the formula:

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

Where:
A is the final amount
P is the principal amount (initial deposit)
r is the annual interest rate (as a decimal)
n is the number of times interest is compounded per year
t is the number of years

In this case, the principal amount (P) is $3,000.00, the annual interest rate (r) is 3% or 0.03, interest is compounded annually (n = 1), and we need to calculate the final amount after 4 years (t = 4).

Plugging in the values into the formula, we have:

A = 3000(1 + 0.03/1)^(1*4)

Simplifying further:

A = 3000(1 + 0.03)^4

Using a calculator, we can evaluate the expression inside the parentheses, and then multiply it by the principal amount:

A ≈ 3000(1.03)^4

Calculating the result inside the parentheses first:

A ≈ 3000(1.1255)

Finally, multiplying the principal amount by the result:

A ≈ $3,376.50

Therefore, after 4 years, there would be approximately $3,376.50 in the account.