You deposit $3000 in an account earning 3% interest compounded monthly. How much will you have in the account in 5 years?
Added by Ryan H.
Step 1
- P is the principal amount (the initial amount of money). - r is the annual interest rate (in decimal form, so 3% would be 0.03). - n is the number of times that interest is compounded per year. - t is the time the money is invested for in years. In this case, P Show more…
Show all steps
Close
Your feedback will help us improve your experience
Lauren Shelton and 53 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
You deposit $5000 in an account earning 3% interest compounded monthly. How much will you have in the account in 5 years?
Kathleen C.
You deposit $5000 in an account earning 3% interest compounded monthly. How much will you have in the account in 10 years?
David N.
If you put $\$ 3200$ in a savings account that earns $2.5 \%$ interest per year compounded quarterly, how much would you expect to have in that account in 3 years?
Exponential and Logarithmic Functions
Exponential Functions and Their Graphs
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD