You deposit $600 in an account earning 3% interest compounded annually. How much will you have in the account in 15 years?

To calculate the amount in the account after 15 years, we use the formula for compound interest:

\[
A = P \left(1 + \frac{r}{n}\right)^{nt}
\]

Where:
- $A$ is the amount of money in the account after interest.
- $P = 600$ is the principal (initial deposit).
- $r = 0.03$ is the annual interest rate (3% as a decimal).
- $n = 1$ is the number of times the interest is compounded per year (annually).
- $t = 15$ is the number of years.

Substitute the given values into the formula:

\[
A = 600 \left(1 + \frac{0.03}{1}\right)^{1 \times 15}
\]

Simplifying:

\[
A = 600 \left(1 + 0.03\right)^{15}
\]

\[
A = 600 \times (1.03)^{15}
\]

Let me calculate that for you.After 15 years, the amount in the account will be approximately **$934.78**.

Would you like more details or have any further questions?

Here are 5 related questions you might find useful:
1. What happens if the interest is compounded monthly instead of annually?
2. How much interest would you earn if you increased the deposit to $1,000?
3. How does the final amount change if the interest rate increases to 5%?
4. What if you only left the money for 10 years instead of 15 years?
5. How much interest would you earn in total after 15 years?

**Tip:** The more frequently interest is compounded, the more total interest you will earn over time.

Learn how to calculate the compound interest on a $600 deposit with an annual interest rate of 3%, compounded annually for 15 years. This step-by-step solution covers the compound interest formula and provides the final amount in the account, suitable for Grades 8-10.

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