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You deposit $1,000 in a certificate of deposit that pays 5.9% interest, compounded annually. What is your balance after 3 years.
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You deposit $1,000 in a certificate of deposit that pays 5.9% interest, compounded annually. What is your balance after 3 years.

User Stevenkucera
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1 Answer

3 votes
The formula is
A=p (1+r)^t

A future value?
P present value 1000
R interest rate 0.059
T time 3years

A=1,000×(1+0.059)^(3)
A=1,187.65
User SmCaterpillar
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7.4k points
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