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OpenStudy (yinshy):
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
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OpenStudy (yinshy):
@MathewR.
OpenStudy (mathstudent55):
You can use the formula, or just do the interest three times.
OpenStudy (mathewr.):
Its A next time just plug in the formula
OpenStudy (mathstudent55):
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
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