Question

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

Answer 1

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

Answer 2

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.