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## $325 is borrowed from a bank that charges 4% interest compounded annually. How much is owed after 1 year, 3 years, 7 years, and 20 yea

Question

$325 is borrowed from a bank that charges 4% interest compounded annually. How much is owed after 1 year, 3

years, 7 years, and 20 years?

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Mathematics
3 years
2021-09-05T09:26:32+00:00
2021-09-05T09:26:32+00:00 1 Answers
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## Answers ( )

Answer:338

365.58

427.68

712.12

Step-by-step explanation:for annually compounding interest

PV(1+i)^n

for one year

325(1.04)

338

for 3 years

325(1.04)^3

365.58

For 7 years

325(1.04)^7

427.68

for 20 years

325(1.04)^20

712.12