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How much money will you have in 3 years if you invest $1000 at 3% compounded monthly?

How much money will you have in 3 years if you invest $1000 at 3% compounded monthly?
asked 35.3k views
2 votes
How much money will you have in 3 years if you invest $1000 at 3% compounded monthly?

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User Mark Rousskov
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8.5k points

1 Answer

3 votes
A=p(1+i/m)^mn
A=1,000×(1+0.03÷12)^(12×3)
A=1,094.05
answered
User Marian Rick
by
8.6k points
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