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$3,000 is invested in an account earning 8% interest compounded annually. How much will there be in the account after 2 years? A. $3,240 B. $3,480 C. $3,499.20 D. $3,779.14
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$3,000 is invested in an account earning 8% interest compounded annually. How much will there be in the account after 2 years?

A. $3,240
B. $3,480
C. $3,499.20
D. $3,779.14

User Lacco
by
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2 Answers

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The answer to your question is, B.3,480

User Gesgsklw
by
6.1k points
6 votes
The formula is
A=p (1+r)^t
A future value?
P present value 3000
R interest rate 0.08
T time 2 years
A=3,000×(1+0.08)^(2)
A=3,499.2

So the answer is c
Hope it helps!
User Donn
by
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