Lauren deposited $3,000 into a savings account with an annual interest rate of 0.75%. She made no deposits or withdrawals for 3

Question

2 years ago

6

Lauren deposited $3,000 into a savings account with an annual interest rate of 0.75%. She made no deposits or withdrawals for 3

years. If interest was compounded annually,
which equation represents the balance in the account after 3 years?
A = 3000(1 +0.0075)^3
A = 3000(1 -0.0075)^3
A = 3000(1 + 0.075)^3
A = 3000(1 +0.75)^3

Mathematics

1 answer:

Dennis_Churaev [7] · Answer 1 · 2022-07-30T14:15:50+03:00

Dennis_Churaev [7]2 years ago

5 0

The upper one is correct. Because 0,75% = 0,0075 ( :10) and since the interest rate is positive it has to be 1 + ...