Question

How much money will be in an account after 3 years if it started with $25,000 and the interest rate was 8%

compounded annually?

Answer 1

A = $31,755.93

Explanation:

A = P(1 + r/n)nt

A = 25,000.00(1 + 0.08/12)(12)(3)

A = 25,000.00(1 + 0.006666667)(36)

A = $31,755.93