Question

Camryn's investment is growing at a rate of

6.4% per year. It has a value of $3,000.
What will be the value in 3 years?

Answer 1

Using the compound interest formula, Camryn's investment of $3,000 at a 6.4% annual growth rate will be approximately $3,606 after 3 years.

Step-by-step explanation:

To calculate the future value of Camryn's investment growing at a rate of 6.4% per year, after 3 years, we can use the formula for compound interest. The initial investment is $3,000, and the investment will grow each year by a factor of 1 + the rate of interest. So the formula we use is:

Future Value = Present Value x (1 + rate of interest)^number of years

In this case, the investment grows as follows:

Future Value = $3,000 x (1 + 0.064)^3

First we calculate (1 + 0.064)^3:

(1 + 0.064)^3 = (1.064)^3 = 1.064 x 1.064 x 1.064 = approximately 1.202

Then we multiply this by the present value of $3,000:

Future Value = $3,000 x 1.202 = approximately $3,606

So, after 3 years, the investment will have grown to approximately $3,606.

Answer 2

So you take 6.4% and multiple it by $3,000 and add it each year :D, the final answer should be 58,000$

Step-by-step explanation:

I did the math you are welcome for the answer