91.0k views
0 votes
Encouraged by his investment, Joseph decides to open another CD account. This time, he deposits $1,000 and plans to leave it

untouched for 3 years. In exchange, the bank will pay him 0.3% interest every month. How much will be in the account when the 3
years have passed?

User Skizit
by
8.8k points

2 Answers

5 votes

Answer:

Joseph will have 1,108$ in his bank account when he opens it again.

First, we need to know how much 0.3% of 1000$ is, which is 3$.

Next, since there are 12 months in a year we multiply 3$ by 12 which is 36.

Then, since 3 years have passed we multiply 36$ by 3 which is 108$. So in conclusion, he'll have 1,108$ when he checks his account again.

User Chris Bacon
by
7.7k points
6 votes

Answer:

$1,113.87

Explanation:

The initial value is 1,000, the rate of increase is 1.003, and the number of times it will increase is 36. y=1000 ( 1.003 ) 36 =1,113.87y equals 1000 left parenthesis 1.003 right parenthesis superscript 36 baseline equals 1113.87.

User Byrne
by
8.2k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories