Question

Your aunt and uncle deposit $2000 in an account that pays 3% compound interest, towed your future college costs. What is your balanc at the end of 8 years?

Answer 1

480

Explanation:

the formula is

A=p(1+rt)

A the future value ?

p principle 2000

r interest rate 0.03

t time 8 years

A=2000×0.03×8

A= 480