Use the compound interest formula to find the amount in the account after 15 years.
The amount A in an account that earns interest at a rate r (written as a decimal) after t years, with n compounding periods a year where an initial amount P was invested, is given by:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]Replace P=3000, r=0.03, n=12 and t=15 to find the amount after 15 years:
[tex]A=3000(1+\frac{0.03}{12})^{12\times15}=4702.295174...\approx4702.30[/tex]Therefore, you will have $4702.30.
