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DanielleElmas [232]
2 years ago
9

A principle of $2000 is placed ina saving account at 3% APR compounded annually. How much is in the account after one year, two

years and three years?
1 year: $

2 years: $

3 years: $​
Mathematics
1 answer:
Kisachek [45]2 years ago
8 0

Answer:

1 year:  $2060

2 years: $2121.80

3 years: $2185.45

Step-by-step explanation:

Compound interest formula is A = P(1 + \frac{r}{n}^{nt) where A is the final amount, P is the initial principal balance, r is the interest rate, n is the number of times interest applied per time period, and t is the number of time periods elapsed. In our case, P would be equal to 2000 dollars, r would be equal to 0.03, for 3 percent, and our n value would just be one, so the final equation is:

2000(1.03)^t

First, let's evaluate t for 1, as in one year.

2000 * 1.03^1 = 2000 x 1.03 = 2060

Two years: 2000 * 1.03 squared = 2121.80

Three years: 2000 * 1.03^3 = 2185.45!

Hope this helps!

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