69.3k views
5 votes
Sara opens a bank account with $200. The account accrues 2% interest compounded annually.

How much money, to the nearest cent, will she have in her account at the end of 3 years? (Use the formula A=P(1+rn)nt, where P= initial amount of money, r = interest rate, t = the number of years, and n = number of times the interest is compounded per year.)

User DefLee
by
8.3k points

1 Answer

5 votes
A=P(1+rn)nt
A=200(1+.02)^3
A=200(1.02)^3
A=200(1.061208)
A=212.2416
which u round to 212.24
User Lfvv
by
8.4k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories