At the time of her grandson's birth, a grandmother deposits $ 3000 in an account that pays 3 % compounded monthly. what will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?
the value of the account will be $=

(round to the nearest dollar as needed.)

The value of the account will be $5,628

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  

therefore

The value of the account will be $5,628

step-by-step explanation: yes