Question

Brad invested $3,200 in a five year CD that pays three percent compounded annually. What is the compound interest and the amount that will be in the bank after three years?

Answer 1

Total = Principal * (1 + rate) ^ years

Answer 2

Total = 3,200 * (1.03)^3 (we want the 3 year total)
Total = 3,200 * 1.092727

Total = 3,496.7264
Total = 3,496.73

Answer 3

Everyone agree?

Answer 4

3;200(1.033)
218.5454 . 3,200 * 218.5454 = 3;(200)(218.5454)
43709.08

Answer 5

am i wrong or right

Answer 6

3,200 + 218.5454 = 3,418.5454

Answer 7

yes

Answer 8

is that correct or wrong

Answer 9

do you have option on this question

Answer 10

Wow I got thrown off Open Study
No, your answer is wrong

Answer 11

Basically, you have to calculate
3,200 * (1.03)^3
Do you know how to do that?

Answer 12

yes