If I place $300.00 in an account that accumulates 3%, how much is it worth in 30 years?
You don't state if the interest is simple or compounded. For simple interest,
I = PRT (Interest = Principal*Rate*Time)
I = 300 * 0.03 * 30
I = ?
300.x3%=27.00x30 = 810.00
Remember to turn the percentage into a decimal! 3%= 0.03
To calculate the final amount of money after 30 years of accumulating interest, you can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = Final amount of money
P = Principal amount (initial deposit)
r = Annual interest rate (in decimal form)
n = Number of times interest is compounded per year
t = Number of years
In your case:
P = $300.00
r = 3% = 0.03 (converted to decimal)
n = Assuming annual compounding (1 time per year)
t = 30 years
Plug in these values into the formula to calculate the final amount:
A = 300(1 + 0.03/1)^(1*30)
A = 300(1 + 0.03)^30
A = 300(1.03)^30
Calculating this expression would give you the final amount of money after 30 years. Let's calculate it using Python:
```python
P = 300
r = 0.03
n = 1
t = 30
A = P * (1 + r/n) ** (n * t)
A
```
The result will be the amount of money your initial deposit of $300.00 would be worth after 30 years with a 3% annual interest rate.