The formula for finding amount in an investment that involves compound interest is
[tex]A=Pe^{it}[/tex]Where
A is the future value
P is the present value
i is the interest rate
t is the time in years
e is a constant for natural value
From the question, it can be found that
[tex]\begin{gathered} P=\text{ \$3000} \\ i=2\frac{9}{12}years=2\frac{3}{4}years=2.75years \end{gathered}[/tex][tex]\begin{gathered} e=2.7183 \\ i=2.9\text{ \%=}\frac{2.9}{100}=0.029 \end{gathered}[/tex]Let us substitute all the given into the formula as below
[tex]A=3000\times e^{0.29\times2.75}[/tex][tex]\begin{gathered} A=3000\times2.21999586 \\ A=6659.987581 \end{gathered}[/tex]Hence, the amount in the account after 2 years and 9 months is $6659.99
