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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
 11 months ago
 11 months ago
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
 11 months ago
 11 months ago

This Question is Closed

tcarroll010Best ResponseYou've already chosen the best response.1
(3000)(1.03)(1.03)(1.03) = (3000)(1.03)^3 = (3000)(1.092727)
 11 months ago

tcarroll010Best ResponseYou've already chosen the best response.1
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.
 11 months ago

tcarroll010Best ResponseYou've already chosen the best response.1
Good luck to you in all of your studies and thx for the recognition! @Cookie_009
 11 months ago
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