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18 September, 08:50

A principal of $450 is deposited in an account that pays 2.5% interest compounded yearly. Find the account balance after 3 years rounded to the nearest cent.

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Answers (2)
  1. 18 September, 10:31
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    A=p (1+r) ^t

    A=450 * (1+0.025) ^ (3)

    A=484.60
  2. 18 September, 11:57
    0
    Total = principal * (1 + rate) ^years

    Total = 450.00 * (1.025) ^3

    Total = 450.00 * 1.076890625

    Total = 484.60
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