# math

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.)

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1. 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.

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posted by MathMate
2. 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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posted by Jasmane

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