Shirleythurmond57
Answered

Welcome to Westonci.ca, where curiosity meets expertise. Ask any question and receive fast, accurate answers from our knowledgeable community. Explore thousands of questions and answers from knowledgeable experts in various fields on our Q&A platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

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 hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.