An investment account earns 4% per year compounded annually. If the initial investment was $4,000.00, how much is in the account after 3 years? Round your answer to the nearest dollar

Answer 1

The formula will be
A=P(1+r/n)^nt

P stands for the initial amount invested, so P= 4000
R is the rate (.04), and N is the amount of times it is compounded per year (1). For example, saying "compounded quarterly" would make n=4.
T is, of course, time (3).

This makes the equation 4000(1+.04/1)^1•3

That means the solution is $4499.46, but we have to round, so just $4499

Answer 2

Thanks alot it helped a ton

Answer 3

okay so what would the answer be for n^2-49=0? it would be 7 right??