Answered

Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Explore a wealth of knowledge from professionals across different disciplines on our comprehensive platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Martha opened a savings account and deposited 400.00 the account earns 1%interest compounded annually what is the balance after 3 years

Sagot :

p = 400.00

r = 1% = 1/100 = 0.01

t = 3 years

Therefore,

[tex]\begin{gathered} Amount=p(1+\frac{r}{n})^{nt} \\ \text{Amount}=400(1+\frac{0.01}{1})^{1\times3} \\ \text{Amount}=400\times1.030301 \\ \text{Amount}=\text{ \$}412.1204 \\ \text{Amount}=\text{ \$412.12} \end{gathered}[/tex]

After three years the amount will be = $412.12

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.