Compound interest is the interest generated on a sum of money invested. The amount of money that you will have in your account after 25 years is $122,653
How to calculate the compound interest?
Compound interest is the interest generated on a sum of money invested. The formula for calculating compound interest is expressed as:
A = P(1+r/n)^nt
Given the following parameters
Principal P = $3600 (a year)
rate r = 0.03
Time t = 25 years
n = 12 (time of compounding)
Substitute
A = 3600(1 + 0.03/12)^12(25)
A = 3600 (1.0025)^300
A = 3600(2.1150)
A = $122,653
Hence the amount of money that you will have in your account after 25 years is $122,653
Learn more on compound interest here: https://brainly.com/question/24274034
