Question

Norma invests 1,900 at 4% and it's compounded annually for 3 years. How much will her 1,900 be worth in 3 years?

Answer 1

Okay, here we have this:

Considering the provided information, we are going to calculate how much will her 1,900 be worth in 3 years using the compound interest formula, so we obtain the following:

`\begin{gathered} A=P\mleft(1+(r)/(n)\mright)^(nt) \\ A=1900(1+0.04)^(1\cdot3) \\ A=1900(1.04)^3 \\ A=1900\cdot\: 1.124864 \\ A=2137.2416 \end{gathered}`

Finally we obtain that in 3 years she will have $2137.2416.