Find the amount of money in savings account if $3200 was deposited for 3 years at 40% interest compounded annually. Find the int
1 answer:
Step-by-step explanation:
Formula for compound interest is given by
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 = $ 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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<h3><em>Have a good day :) !</em></h3>