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You deposit $3000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 25 years?

You deposit $3000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 25 years?
asked 9.5k views
5 votes
You deposit $3000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 25 years?

asked
User Marshall Clow
by
9.1k points

1 Answer

7 votes
after 25 years you should have $6750

5% of 3000 is 150
150 x 25 = 3750
3750+3000=6750
answered
User Chrs
by
8.3k points
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