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A savings account balance is compounded annually. If the interest rate is 3% per year and the current balance is $1,875.00, what will the balance be 18 years from now?

A savings account balance is compounded annually. If the interest rate is 3% per year and the current balance is $1,875.00, what will the balance be 18 years from now?
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5 votes
A savings account balance is compounded

annually. If the interest rate is 3% per
year and the current balance is $1,875.00,
what will the balance be 18 years from now?

User Unknownuser
by
9.0k points

1 Answer

3 votes

Answer:

The balance will be $4,690.00.

User Roman Shamritskiy
by
8.7k points
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