How much money will there be in a account at the end of 10 years if $3000 is deposited as 6% annual interest.
+23251 The formula is: A = P(1 + r/n)nt
A = final amount = ?
P = beginning amount = $3000.00
r = yearly rate, written as a decimal = 0.06
n = number of times per year that the rate is compounded = 1
t = number of years = 10
A = P(1 + r/n)nt ---> A = 3000(1 + 0.06/1)1·10 ---> A = $5372.54
