Question

PLEASE HELP!!!! I WILL FAN WHOEVER HELPS: Tucker invested $3500 at 2% interest compounded annually.

How much interest will he earn in 3 years?



A.
$70.00


B.
$210.00


C.
$214.23


D.
$3714.23

Answer 1

is just use the compounding formula ...

Answer 2

\[A = P(1+r/n)^{nt}\]

Answer 3

since its compounded annually; or once a year .. n=1 and the rest is relatively self defined

Answer 4

so D?

Answer 5

hmm, interest only, so we might want to subtract the original P from it ...

Answer 6

oh, i thought you can only x it

Answer 7

3500(1.02)^3 - 3500

3500 [ (1.02)^3 - 1] for only the interest

Answer 8

the answer is B.

Answer 9

ok, thanks! :) to everyone who helped me!

Answer 10

no problem

Answer 11

D - 3500 is not B

Answer 12

it is?

Answer 13

what is 3714 - 3500?

Answer 14

ummm...

Answer 15

214

Answer 16

then the solution will be 214 and some change

Answer 17

https://www.google.com/search?q=3500(1.02)%5E3+-+3500&oq=3500(1.02)%5E3+-+3500&aqs=chrome..69i57.4116j0j8&sourceid=chrome&es_sm=93&ie=UTF-8

Answer 18

oh, so it's D? right?

Answer 19

and thanks for explaining! :)

Answer 20

D is a 'trap'. D assumes you find the total amount (principal + interest). The question only asks for interest so we have to subtract the principal ...

Answer 21

the solution is 214, which option has 214 is the answer?

Answer 22

oh

Answer 23

C?

Answer 24

then I agree with C :)

Answer 25

ok!

Answer 26

thanks!

Answer 27

god luck

Answer 28

good luck even lol

Answer 29

lol thanks!