Question

Don't get this at all plz help will medal

Don put $3,000 in a savings account with an interest rate of 3% for three years. If the interest is compounded annually, how much money will he have at the end of the three years?
a. $3,378.18
b.$3,278.18
c.$6,591.00
d.$3,182.70

Answer 1

\(\large A=P\Large (1+\frac{r}{n})^{nt}\)

A = total after certain time period
P = principal value
r = rate
n = number of times compounded per year (in this case, 1)
t = number of years

Answer 2

?

Answer 3

@zepdrix
@jhonyy9

Answer 4

@jhonyy9

Answer 5

Plug in what you know.
r = 3%
n = 1
t = 3
P = 3000