Question

don't put 3,000 in a savings account with an interest rate of 4% for 3 years if the interest is compounded annually how much money will he have at the end of the three years​

Answer 1

Answer:

$3,374.59

Step-by-step explanation:

Lets use the compound interest formula to solve:

$A=P(1+\frac{r}{n} )^{nt}$

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, change 4% into a decimal:

4% -> $\frac{4}{100}$ -> 0.04

Next, lets plug the values into the equation:

$A=3,000(1+\frac{0.04}{1})^{1(3)}$

$A=3,374.59$

After 3 years, you'd have $3,374.59

Answer 2

Answer:

lm sorry l dont know

Step-by-step explanation: