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3 years ago

Jeff invested $3000 in an account that earns 6.5% interest

Mathematics

1 answer:

goblinko [34]3 years ago

6 0

Answer;

= $ 3623.85

Explanation;

To calculate compound interest we use the formula;

FV = OV( 1 + r/100)^n

FV=Future value which is what the value will be after the interest is calculated, this is what you are looking for.

OV=Original value, the amount of money you started with, in this case

3000

r=interest rate, in this case its 6.5

n=years its being compounded annually, in this case 3

= 3000(1 + 6.5/100)^3

= 3623.848875

≈ 3623.85

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