Question

PLEASE HELP OH MY GOODNESS!
I know the answer, i just need to know how to get it! Will medal and fan! rest of question in comments :)
An investment account earns 4% per year compounded annually. If the initial investment was 4,000 dollars, how much is in the account after 3 years?

Answer 1

I know the answer i just need the work! The answer is 4,499

Answer 2

the answer is correct

Answer 3

the formula for compound interest is

Ammount after n years = P(1 + r/100)^n

where r = annual rate per cent, P = principal ( starting amount) and n = number of years

Answer 4

oh my goodness thank you! that helps a ton!

Answer 5

just plug in your given values

Answer 6

ok ^-^

Answer 7

yw

Answer 8

just think of it as at the end of each year, you multiply your total current money by 1.04

so you get a string of 1.04's multiplied to your beginning amount , one for each year passed, so it is an exponential

current value = (start amt)*(increase)^(years)

y = A*b^x

Answer 9

thank you!