If the initial principal is $3,000, the annual interest rate...

Question Analysis
This question tests the student's ability to apply the compound interest formula to calculate the final amount after a given period.

Key Concept Explanation
The key concept here is the use of the compound interest formula , where is the initial principal, is the annual interest rate, is the number of times interest is compounded per year, and is the time in years.

Step-by-step Solution
1. Identify the values: , , , .
2. Substitute these values into the formula:

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Algebra-1

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