Shivani opened a savings account and deposited 3,000.00 as principal. The account earns 3% interest, compounded monthly. What is the balance after 10 years?

Solution

Shivani opened a savings account and deposited 3, 000.00 as principal. The account earns 3% interest, compounded monthly. What is the balance after 10 years?

Solution

Amount : 4048.06

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.03}{12})^{12 \cdot 10}

3000 (1 + \frac{0.03}{12})^{12 \cdot 10} = 4048.06064 \dots

Round to the nearest hundredth:

4048.06

Amount : 4048.06

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