Answer:
about $2323.23
Step-by-step explanation:
Your formula is A=P(1+r/n)^nt
A is what you're looking for, the amount
P is the principal, the amount you're putting in and thats $2000
r is the rate, 3% as a decimal: .03
n is the amount of times per year and there are 12 months in a year
t is how many years: 5 years
A=2000(1+.03/12)^12x5 ( you can plug that whole thing into your calculator)
A=2000(1.0025)^60
A= $2323.23
