Question

Mei Mei invested $1700 in an account that pays 3% interest compounded annually.

Answer 1

Answer:

$2728

Step-by-step explanation:

Use compound interest formula:

$A = P(1 + \frac{r}{n})^{nt}$

P = 1700, r = 0.03, n = 1, t = 16

Plug in numbers:

$A = 1700(1 + \frac{0.03}{1})^{(1)(16)}$

Simplify:

$A = 1700(1.3)^{16$

Use calculator:

$A = 2728$