Question

Harry invests 6000 in the savings account that account payis 3.4% compound interest per year what out the value of his investment after three years give you a real give you answer it to the nearest penny

Answer 1

Use the compound interest formula:

A=P(1+R)^3

A=6000(1+.034)^3 Make sure to change percent to decimal

A=6000(1.034)^3

A=6000(1.105507304)

A=6633.04

The total after interest of 3 years would be $6,633.04.