You Decide to Deposit $3,000 at a Local Bank for Three

question 38

Multiple Choice

You decide to deposit $3,000 at a local bank for three years at a 5% rate of interest compounded quarterly. The future value of your investment is approximately equal to ________. (Use the formula method and round to the nearest dollar.

• A) $3,450
• B) $3,482
• C) $3,479
• D) $3,484