Question

What is the final balance for the investment?
$10,000 for 3 years at 4% compounded annually

Answer 1

@AmberAlexis

Answer 2

@Sepeario

Answer 3

10,000 x 0.04 = 400 --> interest after one year.

New balance is now 10,400.

10,400 x 0.04 = 416 --> interest after second year

New balance is now 10,816.

10,816 x 0.04 = 432.64 --> interest after third year

Final balance after 3 years is $11248.64

Answer 4

oh sowe have to do it for each year thx

Answer 5

Np

Answer 6

$11248.64