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You deposit $500 in a savings account that earns 3% annual interest compounded monthly. Write a function that represents the balance after t years. What is the balance of the account after 36 months? 10 years?

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Answer:

To calculate compound interest, we use this formula: FV = PV x (1 +i)^n, where: The above calculator compounds interest monthly after each deposit is made. Deposits are applied at the beginning of each month. If you want to make deposits at the end of each month, then please subtract the first deposit from the initial savings amount.

Step-by-step explanation:

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