Answered

Welcome to Westonci.ca, the Q&A platform where your questions are met with detailed answers from experienced experts. Connect with a community of experts ready to provide precise solutions to your questions on our user-friendly Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

Robert deposits $ 3000 in State Bank of India for 3 year which earn him an interest of 8%. How much money does have in TOTAL after 3 years with interest? Show your steps to support your answer.

Sagot :

madethisfortwitch1

Answer:

$3779.14

Step-by-step explanation:

I'm going to assume that the interest is compounding annually

We have the following equation

PV(1+i)ⁿ

Plug in our numbers and we have

3000(1+.08)³

3000(1.259712)=3779.136 which rounds to 3779.14

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.