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solmaris [256]
3 years ago
6

1) Mike invests $2,316 in a retirement

Mathematics
1 answer:
Nitella [24]3 years ago
4 0

Answer:

$3828 approx

Step-by-step explanation:

Given data

Principal=$2316

Rate= 3%

Time= 17 years

The compound interest formula is

A=P(1+r)^t

substitute

A=2316(1+0.03)^17

A=2316(1.03)^17

A=2316*1.652847

A=$3827.99

Hence the account balance after 17 years is $3828 approx

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