Question

suppose you deposit $3000 in a savings account that pays interest in a a rate of 4%. if no money is added or withdrawn from the account, how much will be in the account after ten years.

Answer 1

I = PRT

I = 3,000 * 0.04 * 10

I = 1,200

1,200 + 3,000 = ?

Answer 2

These were the multiple choice answers given to me for this problem which don't seem to make sense because I keep getting $4200
A. $3122.18
B. $4994.50
C. $4440.73
D. $86776.40

Answer 3

The answer is C
$4440.73

Answer 4

the required answer is:
\$4440.73
Recall the formula of the Compound Interest:
A=P\left(1+\frac{r}{n}\right)^{nt}