A principal of $2000 is placed in a savings account at 3% per annum compounded annually. How much is in the account after one year, two years and three years?

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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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

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step-by-step explanation:

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