Question

How much does my boy Mathew have in his account after 3 years??

Answer 1

`\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$5000\\ r=rate\to 3.8\%\to (3.8)/(100)\to &0.038\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &3 \end{cases} \\\\\\ A=5000\left(1+(0.038)/(1)\right)^(1\cdot 3)\implies A=5000(1.038)^3`