Question

Robert deposits $ 3000 in State Bank of India for 3 year which earn him an interest of 8%. How much money does have in TOTAL after 3 years with interest? Show your steps to support your answer.

Answer 1

$3779.14

Explanation:

I'm going to assume that the interest is compounding annually

We have the following equation

PV(1+i)ⁿ

Plug in our numbers and we have

3000(1+.08)³

3000(1.259712)=3779.136 which rounds to 3779.14