Answered

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ms. Webb deposited $3,500 in a new account at her bank.•the bank pays 5.7% interest compounded annually on this account.•ms.Webb makes no additional deposits or withdrawals.Which amount is closest to the balance of the account at the end of 2 years?a: $3,699.50b: $3,511.40c:$3,899.00d:$3,910.37

Sagot :

We have to apply the compound interest formula:

A = p (1+ r)^t

Where:

A= final amount

P= principal investment

r = interest rate in decimal form (5.7/100= 0.057)

t= years

Replacing:

A = 3,500 (1+0.057)^2

A = $3,910.37

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