john invested $2,975 at 4% interest compounded annually. what will be the balance after 2.5 years.

Question

i got this fr my answer $7,735.00

Answer 1

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.

Answer 2

The Answers B. 3,281.48....

Answer 3

It’s B!

Answer 4

it's B love.