Jenny has $400 in an account with an annual interest rate of 6% compounded annually. if jenny makes no deposits or withdrawals,
how much money will be in her account at the end of 3 years?
1 answer:
The formula for this problem is A=P(1+(r/n))^nt.
A is what you're trying to find. P=400 r=0.06 t=3 n=1, since it's compounded once per year.
Now plug in those values to get A=400(1+(0.06/1))^1*3
I get an answer of $476.41
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