Question

Carol invests $6250 at a rate of 2% per year compound interest.

calculate the total amount Carol has after 3 Years

Answer 1

$6632.55

Explanation:

→ Find the multiplier

( 100 + 2 ) ÷ 100 = 1.02

→ Multiply the investment by the multiplier to the power of years

6250 × ( 1.02 )³ = 6632.55

Answer 2

6632.55

Explanation:

P=A*(1+r/100)^x

P=6250*(1+2/100)^3

P=6632.55