You deposit $3000 in an account earning 8% interest compounded monthly. How much will you have in the account in

15 years?

Step-by-step explanation

:Amount (A) A = p (1 + r/100) n where A is the amount, p is the principal, r is the rate which is 8% and n is the time.

Therefore, A=p (1+8/100) 15 raised to the power of 15.

A = 3000 (100+8/100) 15

= 300x (108/100) 15

= 300x (1.08) 15, = $9,516.507