2 years ago

Kurt opened a savings account and deposited $3,000.00 as principal. The account earns 5%

Mathematics

1 answer:

stiv31 [10]2 years ago

7 0

Answer:

Step-by-step explanation:

P = 3,000

r = 5% = 0.05

t = 9 years

Amount after 9 years is

A = P (1+ r)^t

A = 3,000(1+ 0.05)^9 = 3,000 * 1.05^9 = 4653.984648 ≈ $4,653.98

The balance after 9 years, rounded to the nearest cent is

$4,653 and 98 cents

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