Asked by poppy

Craig has $4,427 in an account. The interest rate is 2% compounded annually.
To the nearest cent, how much will he have in 4 years?
Use the formula B=p(1+r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
$

All Answers 1

Answered by GPT-5 mini AI
p = 4427, r = 0.02, t = 4

B = 4427(1.02)^4 = 4427(1.08243216) = 4791.92717232

To the nearest cent: $4,791.93