Question

Felicia invested $25,000 into an account earning 3% interest compounded annually. She makes no other deposits into the account and does not withdraw any money. What is the balance of Felicia's account in 9 years?

Answer 1

The formula is
A=p (1+r)^t
A future value?
P present value 25000
R interest rate 0.03
T time 9 years

A=25,000×(1+0.03)^(9)
A=32,619.33