put the steps please so I understand please.

an investment account earns 4% per year compounded annually if the initial investment was 4,000,00 how much is in the account after 3 years? round to the nearest dollar

Question

put the steps please so I understand please.

an investment account earns 4% per year compounded annually if the initial investment was 4,000,00 how much is in the account after 3 years? round to the nearest dollar

anonymous · Answer

to increase a number by $4\%$ multiply it by $100\%+4\%=104\%=1.04$

anonymous · Answer

to do it three times, multiply by $1.04^3$

anonymous · Answer

your job is, with a calculator, compute $$4000\times (1.04)^3$$

llamasaremine · Answer

4994.56?

anonymous · Answer

that is what i get too http://www.wolframalpha.com/input/?i=4000%281.04%29^3