Shirleythurmond57
Answered

Welcome to Westonci.ca, the place where your questions find answers from a community of knowledgeable experts. Discover in-depth answers to your questions from a wide network of experts on our user-friendly Q&A platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Calculate the amount in an account at the end of one year if the account starts with the principal amount stated below and earns the specified annual rate of interest compounded yearly.

Principal = $3,000 Rate = 4%

Sagot :

mhanifa

Answer:

  • $3120

Step-by-step explanation:

  • Principal P = $3000
  • Rate r = 4% = 0.04 times
  • Interest type = compound
  • Number of compounds n = 1
  • Time t = 1 year

Future amount is:

  • FA = P(1 + r)^(nt)
  • FA = 3000(1 + 0.04)^1 = $3120
We appreciate your time. Please come back anytime for the latest information and answers to your questions. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.