Meg deposited a $3,000 bonus check in a new savings account. the account has an interest rate of 3% for 5 years. the interest is compounded daily. how much money did meg have at the end of the account term? (round your answer to the nearest dollar.)

The $3485.52 money did Meg have at the end of the account term.

Step-by-step explanation:

Formula for compounded monthly

Where P is the principle , r is the rate of interest in the decimal form and n is the number of years.

As given

Meg deposited a $3,000 bonus check in a new savings account. The account has an interest rate of 3% for 5 years.

Principle = $3000

3% is written in the decimal form

= 0.03

Time = 5 years

Put in the formula

Amount = $ 3485.52

Therefore the  $ 3485.52  money did Meg have at the end of the account term.

rounding to the nearest thousandth would be 452,000