f you save $3,000 in a bank savings account offering 6% compound interest on deposits, what will be the value of your account in 10 years?
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
Hence
A=$3000*(1.06)^10
=$3000*1.790847697
which is equal to
=$5372.54(Approx).
f you save $3,000 in a bank savings account offering 6% compound interest on deposits, what...