Question

$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

Answer 1

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

Answer 2

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!