Enter 3 out of 4 below

<-- Accum Value
<-- Principal
<-- Interest %
<-- Time
      

Answer
Success!
Accumulated Value using Compound Interest = 3307.5

↓Steps Explained:↓

Given an initial balance of 3000,
an interest rate of 5%,
and time of 2

Calculate the Accumulated Balance using Compound Interest:

Accumulated Balance Formula

Accumulated Value = Principal x (1 + i)time

Plug in our values

Accumulated Value = 3000 x (1 + 0.05)2

Accumulated Value = 3000 x (1.05)2

Accumulated Value = 3000 x 1.1025

Calculate the total interest earned:

Total Interest Earned = Accumulated Value - Principal

Total Interest Earned = 3307.5 - 3000

Total Interest Earned = 307.5

Calculate the interest earned:

Interest per Period  =  Interest Earned
  t

Interest per Period  =  307.5
  2

Interest per period = 153.75

Final Answer

Accumulated Value using Compound Interest = 3307.5
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