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Brittany deposited $3,000 in a new account at her bank.

The bank pays 6% interest compounded annually.
Brittany makes no additional deposits or withdraws.
What will be the balance of the account at the end of 3 years? (Include Decimal with the cents; No Commas)

Sagot :

Samuelonum1idn

The total amount accrued, principal plus interest, with compound interest on a principal of $3,000.00 at a rate of 6% per year compounded 1 times per year over 3 years is $3,573.05.

Compound Interest

Given Data

  • Principal = $3000
  • Rate = 6%
  • Time = 3 years

A = P + I where

P (principal) = $3,000.00

I (interest) = $573.05

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 6/100

r = 0.06 rate per year,

Then solve the equation for A

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

A = 3,000.00(1 + 0.06/1)^(1)(3)

A = 3,000.00(1 + 0.06)^(3)

A = $3,573.05

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