You deposit $400 in an account that earns 9% compounded annually (once per year). What is the balance in your account after 3 years? Round your answer to the nearest cent.
A. $1,308.00
B. $508.00
C. $701.43
D. $518.01

Question

You deposit $400 in an account that earns 9% compounded annually (once per year). What is the balance in your account after 3 years? Round your answer to the nearest cent. 	
A.   $1,308.00   
B.  $508.00   
C.  $701.43   
D.   $518.01

anonymous · Answer

ok so this will be super easy to figure out. To find the percent of something, you just need to multiply the percent's number by the number that you need the percent from. For example, 9% = 0.09 soooo what you need to do is multiply 0.09 * 400 and you will get the amount of money added each year. Add that to 400 hundred and multiply by 3 (three years). heres an equation:  3[(0.09*400) +400]=