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Ilya [14]
3 years ago
9

What is the total amount in an account after 3 years if the interest is compounded annually on an amount of $3200 at 4%?

Mathematics
1 answer:
lorasvet [3.4K]3 years ago
8 0

Answer:

$3599.57

Step-by-step explanation:

Using the compound interest formula Accrued Amount = P (1 + r)^t

where Accrued amount is to be determined

P = principal; $3200

r = 4% = 0.04

t = number of years = 3

Therefore

Accrued amount = 3200 (1 + 0.04)^3

= 3200 x 1.04^3

= 3200 x 1.1249

= 3599.57

The total amount after 3 years is $3599.57

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