Question

Find the balance in the account.

4. $3,900 principal earning 2%, compounded annually, after 3 years

Answer 1

$4138.7

Explanation:

P= $3,900

R= 2%

T or n= 3 years

compounded anually (yearly) so:

A= P(1+
`(R)/(100)^n`)

A= 3900(1+
`(2)/(100)^3`)

A= $4138.7