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Alla [95]
2 years ago
7

Jeff invested $3000 in an account that earns 6.5% interest, compounded annually. The formula for compound interest is A=P(1+I)t

.
How much did Jeff have in the account after 3 years ?

A. $13,476.38
B. $3623.85
C. $3390.00
D. $9585.00
Mathematics
2 answers:
erik [133]2 years ago
4 0

Answer:

Option B - $3623.85

Step-by-step explanation:

Given : Jeff invested $3000 in an account that earns 6.5% interest, compounded annually. The formula for compound interest is  A=P(1+I)^t.

To find : How much did Jeff have in the account after 3 years ?

Solution :

The formula for compound interest is A=P(1+I)^t.

Where A is the amount

P is the principal = $3000

I is the interest = 6.5%=0.065

t is the time = 3 years

Substitute in the formula,

A=3000(1+0.065)^3

A=3000(1.065)^3

A=3000(1.2079)

A=\$3623.85

Therefore, Option B is correct.

The amount Jeff have in the account is $3623.85

Annette [7]2 years ago
3 0
After 3 years, Jeff had B. $3623.85 in the account.
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