Question

Chin deposited $400 in an account that pays 3% interest compounded annually. What is the balance of

Chin's account at the end of 2 years?

1. $412
2. $424.34
3. $422
4. $412. 36

Answer 1

424.34

Explanation:

i took the quiz and got 424.34 correct.

Answer 2

The answer would be $424.36

Explanation:

The formula for compound interest is A=P(1+r)^t

A=amount

P=principle

R= interest rate

T= term

Hope this helped