Question

Laura invested $2000 in a three-year CD that pays 4% compounded annually.
What is the compound interest rate and amount that will be in the bank after
3 years?

Answer 1

240 because 2000x0.04=80 X3= 240

Answer 2

Answer:

• Formula: A=P(1+$\frac{r}{n}$$)^{n times t}$

Step-by-step explanation:

P= 2000   R= 0.04 aka 4%   N= 1 (annually is once a year)   T=3 years

2000 (1 + $\frac{0.04}{1}$$)^{1 times 3}$

Put this is in the math website desmos: 2000 (1 + $\frac{0.04}{1}$$)^{1 times 3}$

And your answer should be: A= $2249.728