Question

the $700 you put into the bank is being continuously at 1.2%. how much will it be worth after 3 years?

Answer 1

$983.45

Explanation:

Given data

Principal= $700

Rate= 1.2%

Time= 3 years

The compound interest expression is given as

A= P(1+r)^t

A= 700(1+0.12)^3

A= 700(1.12)^3

A= 700*1.404928

A=$983.45

Hence the balance will be $983.45