Question

how much would $400 be worth after 16 years , if it were invested at 3% interest compounded annually ?

Answer 1

the equation for interest is
'Initial amount (interest rate in decimal form) ^ times compounded EX: years'

your equation would be
400(1.03)^16

which equals 641.882576 (not rounded)

Answer 2

Hello!

Judging on the question you have provided I have generated this equation to represent the situation 400(1.03^x) X being years.

To solve this equation you need to plug in 16 for X amount of years.
The new equation should look something like this 400(1.03^16)

Lastly solve!
The answer you get should be $641.88

Hope this helped!
-Blake