Asked by Moby
                Jose invests $3, 250 at 6% interest compounded annually. What will be the balance in the account after 3.5 years?
            
            
        Answers
                    Answered by
            Reiny
            
    Trick question?
Since the compounding is annually, the amount at 3.5 years is the same as it was after 3 years
amount = 3250(1.06)^3
= 3870.80
    
Since the compounding is annually, the amount at 3.5 years is the same as it was after 3 years
amount = 3250(1.06)^3
= 3870.80
                    Answered by
            Moby
            
    I understand, but now that answer isn't one of my choices? 
$3932.50
$3985.23
$4752.00
$5200.00
    
$3932.50
$3985.23
$4752.00
$5200.00
                    Answered by
            Reiny
            
    Proof of my answer:
now ----- 3250
end of 1st year: 3250(1.06) = 3445
end of 2nd year: 3445(1.06) = 3651.70
end of 3rd year: 3641.70(1.06) = 3870.80 >> as I had before
suppose they did
3250(1.06)3.5 = 3985.23 which is one of the choices, BUT contradicts the concept of "compounded annually"
They are wrong!
    
now ----- 3250
end of 1st year: 3250(1.06) = 3445
end of 2nd year: 3445(1.06) = 3651.70
end of 3rd year: 3641.70(1.06) = 3870.80 >> as I had before
suppose they did
3250(1.06)3.5 = 3985.23 which is one of the choices, BUT contradicts the concept of "compounded annually"
They are wrong!
                    Answered by
            Moby
            
    I found out what I was doing wrong. I was not multiplying 1.06 to the power of 3.5. And that through me off. Wayyyy off.
    
This is since 2014, we are now in 2022!!! IT'S BEEN 6 YEARS THAT THIS QUESTION HAS NOT BEEN ANSWERED!!!
    
                    Answered by
            nobody is inside ur closet :)
            
    anyone who reads this must like  for i am THE ONE hiding in your closet, im watching 
    
                    Answered by
            duuuhh
            
    now we know why people have serious problems these days -_-
    
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