Question

Kira deposited $4000 into an account with 3% interest, compounded monthly. Assuming that no withdrawals are made, how much will she have in the account after 3 years?

Answer 1

$4,376.21

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

t = time

n = number of times it is compounded per year

r = rate of interest

p amount deposited

4000(1+(0.03/12))^(12*3) = 4376.2056

Hope I helped!