Final answer:
The total amount after 3 years with compound interest will be $3,204.60.
Step-by-step explanation:
To calculate compound interest, we use the formula:
A = P(1 + r/n)^(nt)
Where:
- P is the principal amount ($3000)
- r is the annual interest rate (2.2% or 0.022)
- t is the number of years (3)
- n is the number of times interest is compounded per year (usually once annually)
Substituting the values, we get:
A = 3000(1 + 0.022/1)^(1*3)
A = 3000(1.022)^3
A = 3000(1.0682)
A = $3,204.60
Therefore, the total amount after 3 years will be $3,204.60.