Question

You deposit $5000 in an account earning 3% interest compounded monthly. How much will you have in the account in 15 years?

Answer 1

3÷ 100=0.03

5000×0.03=150

1 year = 12month

12 ×15 =180

150×180 = 27000

in 15years he will have 27000+5000 $32000

Answer 2

Answer: 32,000

Explanation:

5,000 x 3%= 150

150 x 12 months= 1800

1,800 x 15 years= 27,000

27,000 + 5,000= 32,000