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Galina-37 [17]
2 years ago
10

(100 POINTS!!!!!) DO NOT GIVE ME THE ANSWER! Please just explain HOW I can get the answer

Mathematics
1 answer:
dlinn [17]2 years ago
4 0

Answer:

  • B. $3281.48

Step-by-step explanation:

<u>Use compound interest formula</u>

  • A = P(1 + r)^(nt), where A- future amount, P - invested amount, r- interest rate, t- time, n- number of compounds per year

<u>Given:</u>

  • P = $2975
  • r = 4% = 0.04
  • t = 2.5 years
  • n = 1

<u>Substitute the values and calculate:</u>

  • A = 2975(1 + 0.04)^2.5 = 3281.48

Correct choice is B

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