shikamaru1147
Answered

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How much will you have in the bank if you invested $500 for four years at 3% interest,
compounded annually?

Sagot :

fishwithpaypal

Answer:

You will have $560 in the bank after 4 years.

Step-by-step explanation:

So we have the principal, rate and the time, we need to find the interest.

All we have to do is multiply the principal by the rate, and then the product of P×R by the time.

But first, we need to convert the rate into a decimal, so:

500 × 0.03 = 15

15 × 4 = 60

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