SOLUTION: An initial deposit of $3,000 earns 6% interest, compounded twice a year. How much will be in the account in three years? (Give your answer correct to the nearest cent.)
Algebra.Com
Question 326224: An initial deposit of $3,000 earns 6% interest, compounded twice a year. How much will be in the account in three years? (Give your answer correct to the nearest cent.)
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
The Future Value, 
, of a one-time investment of 
at 
percent interest for 
time periods compounded 
times per time period is given by:
^{nt})
Plug in your numbers:
^6)
Get out your calculator and get to punching buttons.
John
RELATED QUESTIONS
An initial deposit of $1,000 earns 6% interest, compounded twice a year. How much will be (answered by stanbon)
4. You are planning to deposit $15,000 into a bank account at the end of each year for 5... (answered by Theo)
An initial deposit of $9,000 earns 5% interest, compounded monthly. How much will be in... (answered by rfer)
An account is opened with an initial deposit of $6500 and earns 3.6% interest compounded... (answered by jim_thompson5910)
How much interest will be earned at the end of three years on a deposit of $12,500 in an... (answered by stanbon)
1)Suppose you invest $150 at the end of each month for 6 years into an account earning 6% (answered by ikleyn)
You deposit $3000 at the beginning of each year into an account earning 6% interest... (answered by ikleyn)
You deposit $3000 at the beginning of each year into an account earning 6% interest... (answered by ikleyn)
A person wishes to deposit $5,000 per year in a savings account which earns interest of 8 (answered by ikleyn)