Question

Carol opened a savings account and deposited 2,650. The account earned 4% interest compounded annually how much money will carol have in her account after 3 years

Answer 1

$2968

Explanation:

First, converting R percent to r a decimal

r = R/100 = 4%/100 = 0.04 per year,

then, solving our equation

I = 2650 × 0.04 × 3 = 318

I = $ 318.00

The simple interest accumulated

on a principal of $ 2,650.00

at a rate of 4% per year

for 3 years is $ 318.00.