SOLUTION: if i deposit $3000 in a bank account that pays 2% interest, compounded monthly.what is the balance over 5 years

SOLUTION: if i deposit $3000 in a bank account that pays 2% interest, compounded monthly.what is the balance over 5 years

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Question 799715: if i deposit $3000 in a bank account that pays 2% interest, compounded monthly.what is the balance over 5 years
Answer by Cromlix(4381) (Show Source): You can put this solution on YOUR website!
5 years = 60 months
100 + 2 = 102% = 1.02
$3000 * 1.02^60
= $9843.09.
Hope this helps.
:-)
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