Question

4. Andy puts $4,000 into an account that offers 3% interest compounded annually. If no additional deposits or withdrawals are made, how much interest will he earn at the end of 6 years?​

Answer 1

A=$ 4,000(1+.03)∧6 will all equal $4776.209 if round $4,776.21.

Explanation:

I use the formula A = P(1 + r)

∧t for annually.

if your looking for the interest rate then use formula interest formula I/Pt = r . I stands for Interest amount paid in a specific time period / p which stands for Principle amount (the money before interest) times T which is Time period involved which will equal r the interest rate.