DelilahroseP204089 DelilahroseP204089
  • 26-10-2022
  • Mathematics
contestada

Connor deposited $2,315 in a savings account earning 14% interest, compounded annually.To the nearest cent, how much will he have in 3 years?

Respuesta :

ValenV738941 ValenV738941
  • 26-10-2022

Given that:

Principal amount, P = $2315

Rate of interest, r = 14% = 0.14

Number of years, n = 3

Use the formula

[tex]A=P(1+\frac{r}{n})^n[/tex]

Substitute the given values.

[tex]\begin{gathered} A=2315(1+\frac{0.14}{3})^3 \\ =2315(1.04667)^3 \\ =2654.46 \end{gathered}[/tex]
Answer Link

Otras preguntas

what is the functional nature of the portal system and how does it differ from normal venous return flow?
Who was hermes wife?
A car dealership offers a special interest rate of 3.5%. What is 3.5% written as a decimal? A. 0.0035
6x+5y=7 2x-4y=-26 can you solve in steps
7 comedy dvds, 4 more drama dvds than horror dvds. 15 dvds in all. how many drama and horror dvds are there?
A square has an area of 576 square inches. How long is each side in feet?
Who was hermes wife?
SAT Question of the Day: Although his close friends and colleagues see him as outgoing and -------, Milo usually feels shy and unsure of himself. (A) cautious (
SAT Question of the Day: Although it seems to have been a fixture of the square since the city’s origin, the produce market actually opened only ------- . (A) e
The Spanish first founded a permanent settlement in Saint Augustine, Florida. True False