A $3,200.00 principal earns 7% interest, compounded annually. After 3 years, what is the balance in the account? Round to the ne
arest cent.
A. $1,097,600.00
B. $7,840.28
C. $67,200.00
D. $3,920.14
1 answer:
The balance in the account is $3,920.14
<h3>Compound interest</h3>
The formula for calculating the compound interest is expressed as
A = P(1 + r)^t
Given
- P = $3,200.00
- r = 7% = 0.07
- t = 3 years
Substitute
A = 3200(1+0.07)^3
A = 3,920.14
Hence the balance in the account is $3,920.14
Learn more on Compound interest here: brainly.com/question/24924853
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