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Anne invested $1000 in an account with a 3% annual interest rate. She made no deposits or withdrawals on the account for 2 years. If interest was compounded annually, which equation represents the balance
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Dec 6, 2022
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Anne invested $1000 in an account with a 3% annual interest rate. She made no deposits or
withdrawals on the account for 2 years. If interest was compounded annually, which equation
represents the balance in the account after the 2 years?
Mathematics
college
Masmerino
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for this problem you find 3 percent of $1000 to calculate the first year of interest which is 30 and then add it to your balance to get $1030 then you find 3 percent of that which is 30.9 and add it to your balance to get a total of $1060.9
Palmtreesnative
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Dec 11, 2022
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