Given:
Principal, P=$3000
Interest rate, r=0.052
Years, t=3 years
To find the return amount is compounded monthly:
Using the formula,
[tex]\begin{gathered} A=P(1+\frac{r}{12})^{12t}_{} \\ =3000(1+\frac{0.052}{12})^{12\times3} \\ =3000(1+0.00433)^{36} \\ =3505.30 \end{gathered}[/tex]Hence, the return amount on investment is $3505.30.
In percentage,
The return on investment is,
[tex]\begin{gathered} \frac{3505.3}{3000}\times100=16.84 \\ \approx16.8\text{ \%} \end{gathered}[/tex]Hence, the answer is 16.8%.
