Question

Suppose you deposit $3000 in a savings account that pays interest at an annual rate of 4%. if no money is added or withdrawn from the account, how much will be in the account after 10 years?

Answer 1

Given that the annual interest pay of $3,000.00 savings is 4%, at the end of the year interest will amount to $120.00. Assume that for 10 years, there is no additional or withdrawal to the savings of $3,000.00, the amount in your savings account at the end of the 10 years would be $4,200.00.