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Setler79 [48]
3 years ago
5

Find the amount of money in savings account if $3200 was deposited for 3 years at 40% interest compounded annually. Find the int

erest
Mathematics
1 answer:
a_sh-v [17]3 years ago
7 0

Step-by-step explanation:

Formula for compound interest is given by

A = P(1 + R) ^{n}

Where

A is the amount at the end of the period

P is the principal

R is the rate

n is the period

The interest = A - P

From the question

P = $ 3200

n = 3 years

R = 40%

So we have

A = 3200 \times 2.744

A = $ 8780.80

<h3>The amount is $ 8780.80</h3>

The interest is

$ 8780.80 - $3200

<h3>= $ 5580.80</h3>

Hope this helps you

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