Question

don't put 3,000 in a savings account with an interest rate of 4% for 3 years if the interest is compounded annually how much money will he have at the end of the three years​

Answer 1

lm sorry l dont know

Explanation:

Answer 2

$3,374.59

Explanation:

Lets use the compound interest formula to solve:

`A=P(1+(r)/(n) )^(nt)`

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, change 4% into a decimal:

4% ->
`(4)/(100)` -> 0.04

Next, lets plug the values into the equation:

`A=3,000(1+(0.04)/(1))^(1(3))`

`A=3,374.59`

After 3 years, you'd have $3,374.59