What is the final balance for an account starting with $2000 at 3.5% interest compounded annually for 3 years?

A = P(1 + r)t

A.
$2217.44

B.
$4290.75

C.
$6210.00

D.
$8100.00

Question

What is the final balance for an account starting with $2000 at 3.5% interest compounded annually for 3 years? 

A = P(1 + r)t
 
 A.
$2217.44
 
 B.
$4290.75
 
 C.
$6210.00
 
 D.
$8100.00

yinshy · Answer

@MathewR.

mathstudent55 · Answer

You can use the formula, or just do the interest three times.

mathewr. · Answer

Its A next time just plug in the formula

mathstudent55 · Answer

After the first year: 2000 * 1.035
After the second year: 2000 * 1.035 * 1.035
After the third year: 2000 * 1.035 * 1.035 * 1.035 = 2000 * (1.035)^3