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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

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