Question

A student invests $500 for 3 years in a savings account that earns 4% interest per year. No further deposits or withdrawals were made during this time. Which does NOT yield the correct balance in the account at the end of the 3 years? Please show work for the answer! A)500(1.04)^3 B)500(1-.04)^3 C)500(1+.04)(1+.04) D)500+500(.4)+520(.04)+540.8(04)

Answer 1

he`s right its a or b

i'm going with b

Explanation:

Answer 2

To get the balance after 3 years we use the formula:
A=P(1+r/100)^n
where:
A=future amount
r=rate
n=time
thus plugging in the values we obtain:
A=500(1+4/100)^3
A=500(1+0.04)^3
A=500(1.04)^3
The correct choices are A and B

The wrong choices are C and D