Question 3.3. Jeff invests an amount at 4% interest compounded annually. After 3 years, he has $1687.30.
What was the original amount Jeff invested?
$750
$1200
$1450
$1500

Question 4.4. If $3000 is deposited in an account that pays 5% interest, what is the difference in the amount after 4 years between the amount earned if the principal is compounded annually and the amount earned calculated using simple interest?
$30.72
$41.12
$46.52
$53.76

Question

Question 3.3. Jeff invests an amount at 4% interest compounded annually. After 3 years, he has $1687.30.
What was the original amount Jeff invested?
       $750
       $1200
       $1450
       $1500

Question 4.4. If $3000 is deposited in an account that pays 5% interest, what is the difference in the amount after 4 years between the amount earned if the principal is compounded annually and the amount earned calculated using simple interest?
       $30.72
       $41.12
       $46.52
       $53.76

anonymous · Answer

a = p(1 + r/100)^3
1687.30 = p(1+ 4/100)^3