igloo12 igloo12
  • 27-10-2014
  • Mathematics
Answered

Sara opens a bank account with $200. The account accrues 2% interest compounded annually.

How much money, to the nearest cent, will she have in her account at the end of 3 years? (Use the formula A=P(1+rn)nt, where P= initial amount of money, r = interest rate, t = the number of years, and n = number of times the interest is compounded per year.)

Answer :

davidyangnyc
davidyangnyc davidyangnyc
  • 27-10-2014
A=P(1+rn)nt
A=200(1+.02)^3
A=200(1.02)^3
A=200(1.061208)
A=212.2416
which u round to 212.24
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