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?

Question

asked Feb 10, 2023 18.8k views

1 Answer

JPelletier · Answer 1 · 2023-02-14T11:45:40+0000

Answer:

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