Question

Find the balance in the account: $3,000 principal, earning 3% compounding annually, after 4 years

Answer 1

`~~~~~~ \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}\dotfill &\$3000\\ r=rate\to 3\%\to (3)/(100)\dotfill &0.03\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &4 \end{cases} \\\\\\ A = 3000\left(1+(0.03)/(1)\right)^(1\cdot 4)\implies A=3000(1.03)^4 \implies A \approx 3376.53`