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Cookie_009 Group Title

Don put $3,000 in a savings account with an interest rate of 3% for three years. If the interest is compounded annually, how much money will he have at the end of the three years? A. $3,378.18 B. $6,591.00 C. $3,182.70 D. $3,278.18

  • one year ago
  • one year ago

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  1. tcarroll010 Group Title
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    (3000)(1.03)(1.03)(1.03) = (3000)(1.03)^3 = (3000)(1.092727)

    • one year ago
  2. Cookie_009 Group Title
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    wich one is it

    • one year ago
  3. tcarroll010 Group Title
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    The "1.03" factors come into play because it is "1" plus "3%" because you have the principal plus the interest after each year. To get the answer, all you have to do is do that last multiplication. Don't worry, I checked, and the answer will be among the choices.

    • one year ago
  4. Cookie_009 Group Title
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    is it D

    • one year ago
  5. tcarroll010 Group Title
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    Yes! Good job!

    • one year ago
  6. tcarroll010 Group Title
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    Good luck to you in all of your studies and thx for the recognition! @Cookie_009

    • one year ago
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