Given:
Kellee deposits $5000 in savings account with an interest rate of 0.9% compounded monthly.
So, P = 5000
interest rate = 0.9% = 0.009
compounded monthly, n = 12
We will find the money in the account after 3 years, t = 3
We will use the following formula:
[tex]A=P\cdot(1+\frac{r}{n})^{nt}[/tex]substitute with the given values:
[tex]A=5000\cdot(1+\frac{0.009}{12})^{12\cdot3}\approx5136.787[/tex]Rounding to the nearest cent
so, the answer will be: $5136.79
