Question

What is the final balance for an account starting with $2000 at 3.5% interest compounded annually for 3 years? 

A = P(1 + r)t

Answer 1

A=final ballance
P=presene amount
r=rate in decimal
T=time in years


`A=P(1+r)^t`

given
P=2000
r=3.5%=0.035
t=3


`A=2000(1+0.035)^3`

`A=2000(1.035)^3`
A=2217.44

answer si $2217.44