Asked by Anynomus

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
Answered by 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.

Answered by Agala
The Answers B. 3,281.48....
Answered by Melisa
It’s B!
Answered by Tom Holland
it's B love.
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