we can use this equation to solve:
[tex]a = p(1 + \frac{r}{n} ) ^{nt} [/tex]
a = final amount
p = initial amount
r = percentage increment (in decimal form)
n = amount of time interest is compounded
t= time (in years)
Since the guy w withdrew $300 and saw that his account still has $2021 left, he must have had $2321 in total.
5% interest is .05 in decimal form
since the account is compounded monthly, n=12
Because the account has been collecting interest for 3 months and t is supposed to be in years, dividing 3 by 12 will yield 1/4, or . 25
