SOLUTION: You deposit $3042 in an account earning 3% interest compounded monthly. How much will you have in the account in 13 years? Give your answer accurate to 2 decimal places.

Use the formula for the future value of a compounded account 

    F = p * (1 + r) ^ n,

where 

    p is the principal amount
    r is the interest rate per time period
    n is the number of time periods.


In your problem:

    p = 3042
    r = 0.03/12
    n = 13*12 = 156


So, F =  = 4490.79  (rounded).


ANSWER.  In 13 years, it becomes  $4490.79.