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4 years ago

14

Sammy has $500 to invest. Suppose he invests it for years with a compound interest of 3%. How much money will the investment be

at the end of the four-year period? The formula is A = P(1+r)^t)

1 answer:

PilotLPTM [1.2K]4 years ago

8 0

$500 is the principal number

There is a 3% interest per year

The investment continues for 4 years so,

A = 500(1+(.03*4))

A = 560

Thus, there is a 60 dollar investment.

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