Question

Harry invests 6000 in a savings account. The account pays 3.4% compound interest per year. Work out the value of his investment after three years. Give your answer to the nearest penny

Answer 1

6000* [(1+.034)^3]-1
6000* [((1.034)^3)-1-]
6000* [1.105507304-1]
6000* .105507304
6,633.043824
rounded: 6633.04