Bank B offers 3% interest compounded annually. How much would Tyler’s mom’s investment be worth after 30 years in this account? Show your calculations below.

Answer 1

To calculate the worth of the investment after 30 years, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A is the final amount
P is the initial principal (the investment amount)
r is the annual interest rate (in decimal form)
n is the number of times the interest is compounded per year
t is the number of years

In this case, the initial principal is not given. Without that information, we cannot calculate the final amount.