Question

5. Find the balance in the account to the nearest whole dollar:
$2,500 principal earning 3%, compounded annually, after 4 years
a. $2,575
b. $2,731
c. $2,814
d. $3,350

Answer 1

there is a equation usually for these types of questions do u happen to know it?

Answer 2

A(4) = 2500(1+(0.03/4))^(3*4)?
@sweetburger

Answer 3

A=P(1+r/n)^nt so if the interest is compounded annually its only compounded once a year meaning n=1 i believe

Answer 4

so A=2500(1+.03/1)^(1*4) I think this would get the complete correct answer

Answer 5

Thank you! c: