$2,900 at 1.5% for 3 years , compounded annually

Question

Find the total amount and amount of interest earned in the following compound interest problems

Answer 1

A = p(1 + r/n)^nt, where p - principal, r = rate, n = number of calculations per period, t= number of periods (years)

 

A = 2900(1 + 0.015)³

A = 2900(1.015)³

A ≈ 2900(1.04567838)

A ≈ 3032.24