Question

you invest $300 at 4% interest, compounded every year. What will your balance be after five years? (Remember, the formula is A = P(1 + r)t

Answer 1

Answer:

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Step-by-step explanation:

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Answer 2

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$\huge\sf{3244.8}$

Solution:–

$3000 \times (1 + \frac{4}{100} ) ^{2} \\ = 3000 \times \frac{104}{100} \times \frac{104}{100} \\ = 3000 \times 1.04 \times 1.04 \\ = 3000 \times 1.0816 \\ = 3244.8(ans)$

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