On the day that Tony was born his grandmother invested $2200 in a certificate of deposit that pays a 3% interest
1 answer:
Answer:
$3530.3541
Step-by-step explanation:
Given that:
Principal = 2200
Interest rate compounded annually (r) = 3%
Time (t) = 16 years
Using the compound interest formula :
A = P(1 + r/n)^n*t
A = final amount
n = number of times interest is applied per period
A = 2200(1 + 0.03)^16
A = 2200(1.03)^16
A = 2200 * 1.60470643909878751793
A = $3530.3541
Hence, amount in account on his 16th birthday will be $3530. 3541
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