A savings account pays a 3 nominal annual interest rate

Last updated: 3/21/2023

A savings account pays a 3 nominal annual interest rate balance of 1 000 Any interest earned is deposited into the account and no further deposits or withdrawals are made 1 Write an expression that represents the balance in one year if interest is compounded annually 2 If interest is compounded semi annually every six months what interest rate would be used for each calculation 3 If interest is compounded semi annually which expression represents the count balance in t years