Answer:
Step-by-step explanation:
After one year
A=p(1+r/n)^nt
=2000(1+0.03/12)^12*1
=2000(1+0.0025)^12
=2000(1.0025)^12
=2000(1.0304)
=$2060.8
After two-years
A=p(1+r/n)^nt
=2060.8(1+0.03/12)^12*2
=2060.8(1+0.0025)^24
=2060.8(1.0025)^24
=2060.8(1.0618)
=$2188.157
After three years
A=p(1+r/n)^nt
=2188.157(1+0.03/12)^12*3
=2188.157(1+0.0025)^36
=2188.157(1.0025)^36
=2188.157(1.0941)
=$2394.063
Amount in account after one year, two and three years are respectively $2,060 , $2,121.8 and $2,185.45
Given:
Principal amount = $2,000
Rate of interest = 3% = 0.03
Amount in account after one year
A = P(1+r)ⁿ
A = 2,000(1+0.03)¹
A = 2,000(1.03)¹
A = 2,000(1.03)
A = $2,060
Amount in account after two year
A = P(1+r)ⁿ
A = 2,000(1+0.03)²
A = 2,000(1.03)²
A = 2,000(1.0609)
A = $2,121.8
Amount in account after three year
A = P(1+r)ⁿ
A = 2,000(1+0.03)³
A = 2,000(1.03)³
A = 2,000(1.092727)
A = $2,185.45
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