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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.)

  • math -

    The compound interest formula is
    Amount = P(1+r)n
    where
    P=principal,
    r=rate of interest per period (year in this case). 5% per annum is written as 0.05
    n=number of periods money is deposited.

    For example,
    $3000 deposited at 5% per annum for 2 years will yield, when compounded yearly:
    Amount=3000*(1+0.05)2
    =$3307.50

    For 3000 invested at 3% interest compounded yearly for 4 years will yield an amount less than $3400 and in which the amount after the decimal point is $33--.53.

  • math -

    Principal is $5,000, rate if interest is 6.5%, and time to repayment is 3 years. Compute the compound interest

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