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Arlecino [84]
2 years ago
7

Janae deposits $800 in a savings account. The money is left on deposit for 3 years earning 4% compounded annually. Calculate the

balance at the end of 3 years.
Business
1 answer:
JulijaS [17]2 years ago
7 0

Balance after 3 year is $900 (Approx.)

<u>Given:</u>

Amount deposit (P) = $800

Number of year (n) = 3 years

Compound annual rate (r) = 4% = 0.04

<u>Find:</u>

Balance after 3 year

<u>Computation:</u>

A = P(1+r)^n\\\\A = 800(1+0.04)^3\\\\A = 800(1.04)^3\\\\A = 800(1.124864)\\\\A = 899.8912\\\\

A = 900 (Approx.)

Balance after 3 year = $900 (Approx.)

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