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 specifi

Question

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%

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Linh Đan 4 years 2021-08-09T07:08:15+00:00 2 Answers 19 views 0

Answers ( )

  1. Ladonna
    0
    2021-08-09T07:09:21+00:00
    Reply

    FORMULA:

    CI = P(1 + R)^(nt)

    ANSWER:

    We are given principal $3,000 and rate is 4%.

    So, Future amount will be

    3,000(1 + 0.04)^(1)

    3,000 × 1.04

    $3,120.

  2. thanhcong
    0
    2021-08-09T07:09:41+00:00
    Reply

    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

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