If $1,000 is invested in an account that pays 4% interest compounded annually, an expression that represents the amount in the account at end of three years can be given by which of the following equations?

A. 1000+0.4^3

B. 1000 (0.3) ^3

C. 1000 (1.04) ^3 ... ?

Question

Isaiah Rangel

4 September, 20:54

+3

Answers (2)

Know the Answer?

Trystan Huang · Answer 1

Trystan Huang 4 September, 21:22

0

The answer is C. 1000 (1.04) ^3

Dario Ramirez · Answer 2

Since the equation is balance = principal (1 + rate of interest) ^ time, then the correct answer should be C. 1000 (1.04) ^3.

If $1,000 is invested in an account that pays 4% interest compounded annually, an expression that represents the amount in the account at end of three years can be given by which of the following equations?A. 1000+0.4^3B. 1000 (0.3) ^3C. 1000 (1.04) ^3 ... ?