Question 1205283
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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.
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<pre>
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 = {{{3042 * (1 + 0.03/12)^156}}} = 4490.79  (rounded).


<U>ANSWER</U>.  In 13 years, it becomes  $4490.79.
</pre>

Solved.


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To see many other similar &nbsp;(and different) &nbsp;solved problems on compounded interest accounts, &nbsp;look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Compound-interest-percentage-problem.lesson>Compounded interest percentage problems</A> 

in this site.


Learn the subject from there.