Tom invests 2 000dhs in a savings account where he earns 0.5% interest per year compounded monthly. How much will Tom have after 3 years.

asked Mar 27, 2023 229k views

25 votes

Tom invests 2 000dhs in a savings account where he earns 0.5% interest per year compounded

monthly. How much will Tom have after 3 years.

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10 votes

analyze problem

complex interest

2000+2000*0.005=2010

2010+2010*0.005=2020.05

2020.05+2020.05*0.005=2030.15025

7.9k points

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