Question
Jose invests 3250 dollars at 6% interest compounded annually. What will be the balance in the account after 3.5 years?
A. 3932.50 dollars
B. 3985.23 dollars
C. 4752 dollars
D. 5200 dollars
A. 3932.50 dollars
B. 3985.23 dollars
C. 4752 dollars
D. 5200 dollars
Answers
Henry
P = Po(1+r)^n
Po = $3250.
r = 6%/100% = 0.06
n = 1Comp./yr * 3.5yr. = 3.5 Compounding
periods.
Plug the above values into the given Eq
and solve for P.
Po = $3250.
r = 6%/100% = 0.06
n = 1Comp./yr * 3.5yr. = 3.5 Compounding
periods.
Plug the above values into the given Eq
and solve for P.
Aaisha Glenn
I disagree with @Henry because thats not was the answer to the question that she gave give her more imformation bout the question u gave her something different and u suppose to step by step with her so she get the answer