Answer :
A = P(1 + r/n)nt
Where:
A = the final amount
P = the initial amount = $3000
r = annual interest rate expressed as a decimal = 4.8% = 0.048
n = number of compoundings per year = weekly = 52
t = years = 3
A = ($3000)(1 + 0.048/52)52*3
A = ($3000)(1.00092)156
A = ($3000)(1.1548)
A = $3464.42
Where:
A = the final amount
P = the initial amount = $3000
r = annual interest rate expressed as a decimal = 4.8% = 0.048
n = number of compoundings per year = weekly = 52
t = years = 3
A = ($3000)(1 + 0.048/52)52*3
A = ($3000)(1.00092)156
A = ($3000)(1.1548)
A = $3464.42