Question

Two years ago Darryl put $3,000 into an account paying 3 percent interest. How much does he have in the account today? A. $3,180.00 B. $3,182.70 C. $3,183.62 D. None of the above are correct to the nearest cent.

Answer 1

Answer:

Amount in his account after 3 years will be $3182.7

So option (b) is correct answer

Explanation:

We have given time n = 2 years

Principal amount P = $3000

Rate of interest r = 3 %

We have to found the amount in his account after 2 year

We know that amount is given by

$A=P(1+\frac{r}{100})^n$

So amount will be

$A=3000\times (1+\frac{3}{100})^2= 3182.7$

So the amount in his account after 3 years will be $3182.7

So option (b) is correct option