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?

Question

wolf1728 · Answer

Total = Principal * (1 + rate) ^ years

wolf1728 · Answer

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

wolf1728 · Answer

Everyone agree?

anonymous · Answer

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

anonymous · Answer

am i wrong or right

wolf1728 · Answer

3,200 + 218.5454 = 3,418.5454

anonymous · Answer

yes

anonymous · Answer

is that correct or wrong

anonymous · Answer

do you have option on this question

wolf1728 · Answer

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

wolf1728 · Answer

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

anonymous · Answer

yes