Question

Correct answers only!

To the nearest cent, how much will she have in 3 years?

Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Answer 1

4444.63

Explanation:

B = 3000(1 +0.14)^3

B = 3000(1.14)^3

B =4444.632 or 4444.63

Answer 2

$13,260

Explanation:

B = 3000(1 + 0.14)t = 3(1.14)t

Plugging in 3 for t, we get B = 3000 * 1.14 * 3 = 10,260. This is just the interest though. We still have to add back the original $3,000, and when we do so, we get 3000 + 10260 = $13,260. Hope this helps!