May someone help me please ?

What is the final balance for the investment?
$50,000 for 3 years at 3% compounded annually

Question

May someone help me please ?


What is the final balance for the investment? 
$50,000 for 3 years at 3% compounded annually

anonymous · Answer

@SolomonZelman

solomonzelman · Answer

$\Huge\color{magenta}{ \sf     A=P(1+ \frac{r}{n} )^{nt}}$

P = principal amount (the initial amount you borrow or deposit)
r  = annual rate of interest (as a decimal)
t  = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n  =  number of times the interest is compounded per year

anonymous · Answer

Wow thanks for the help

solomonzelman · Answer

Plug in everything into the formula, and solve for A.

anonymous · Answer

okay

solomonzelman · Answer

for percentage you would put it 0.03   NOT just 3

and annually just gives you the variable the n, saying that it's 1.


Let me know if you need help plugging in the given information.

anonymous · Answer

The answer should be $54 636.35

anonymous · Answer

Oh okay