Answer is $4,065.66
Compound Interest:
A = P [tex](1 + \frac{r}{n} )^{nt}[/tex]
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
(Given),
P = $3,500
r = 3% = 3/100 = 0.03
n = 12 (As there are 12 months in a year)
t = 5 years
=> 3,500 x [tex](1+\frac{0.03}{12} )^{12 X 5}[/tex]
=> 3,500 x (1.161616)
=> $4065.658 = $4065.66
So, The answer is $4065.66
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