You deposit $3000 in an account earning 2% interest compounded monthly. How much will you have in the account in 5 years?

Answer 1

A=3000(1+.02/12)^60 = the Account in 5 years compounded monthly at 2% interest

= $3,3152.24

general formula is

A=P(1+r/n)^nt

P= starting amount

r= interest rate

n = compounding periods per year

t = years

A = ending amount