DelilahroseP204089 DelilahroseP204089
  • 26-10-2022
  • Mathematics
contestada

Connor deposited $2,315 in a savings account earning 14% interest, compounded annually.To the nearest cent, how much will he have in 3 years?

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ValenV738941 ValenV738941
  • 26-10-2022

Given that:

Principal amount, P = $2315

Rate of interest, r = 14% = 0.14

Number of years, n = 3

Use the formula

[tex]A=P(1+\frac{r}{n})^n[/tex]

Substitute the given values.

[tex]\begin{gathered} A=2315(1+\frac{0.14}{3})^3 \\ =2315(1.04667)^3 \\ =2654.46 \end{gathered}[/tex]
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