Answer :
Final answer:
To calculate the amount of money in your account after a certain period of time with compound interest, you can use the formula: P(1+r/n)^(nt). In this case, the amount of money in the account is $3,858.29.
Explanation:
To calculate the amount of money in your account after a certain period of time with compound interest, you can use the formula: P(1+r/n)^(nt), where P is the initial amount of money, r is the interest rate (in decimal form), n is the number of times the interest is compounded in a year, and t is the number of years.
In this case, the initial amount of money is 3700, the interest rate is 1.42% (0.0142 in decimal form), and the interest is compounded once a year. So, the formula becomes:
3700(1+0.0142/1)^3 = 3700(1.0142)^3 = 3700(1.043159284) = $3,858.29
