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4 votes
Find the balance of $2,500 deposited at 3% compounded annually for 3 years

User Asra
by
8.4k points

2 Answers

4 votes

Answer:

2731.8

Explanation:

2500 deposited at 3 percent interest annually equation form

2500(1+(3/100))

for 3 years power the bract by 3

2500(1+(3/100))^3=2731.81

aka 2732

User Arseni Kavalchuk
by
8.3k points
6 votes

Answer:

The balance will be $2,731.82.

Explanation:

This problem can be solved by the following formula:


A = P(1 + r)^(t)

In which A is the final amount(balance), P is the principal(the deposit), r is the interest rate and t is the time, in years.

In this problem, we have that:


P = 2500, r = 0.03 t = 3

We want to find A

So


A = P(1 + r)^(t)


A = 2500(1 + 0.03)^(3)


A = 2,731.82

The balance will be $2,731.82.

User Julius Musseau
by
9.1k points

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