Question
john invested $2,975 at 4% interest compounded annually. what will be the balance after 2.5 years.
i got this fr my answer $7,735.00
i got this fr my answer $7,735.00
Answers
Ms. Sue
You are way off. There's no way your money is going to more than double at that rate and in that time.
I don't know the formula for figuring compound interest -- but here's a start for the first year.
I = Prt
I = 2,975 * 0.04
I = 119
119 + 2975 = 3,094 at the end of the first year.
Now do the same with the new balance.
I don't know the formula for figuring compound interest -- but here's a start for the first year.
I = Prt
I = 2,975 * 0.04
I = 119
119 + 2975 = 3,094 at the end of the first year.
Now do the same with the new balance.
Agala
The Answers B. 3,281.48....
Melisa
It’s B!
Tom Holland
it's B love.