Find the final balance of an account with 820 dollars and annual 4% interest for 3 years
Yes, 918.40 is correct.
I friends the right answer is D.
Glad I could help!
is that correct?
sorry, must've got confused. I changed my answer to $918.40
@steve you dont gotta be rude, its better to be kind :)
To find the final balance of an account with $820 and an annual interest rate of 4% for 3 years, you can use the formula for compound interest:
A = P(1 + r/n)^(nt)
A is the final balance
P is the principal amount (initial balance)
r is the annual interest rate (in decimal form)
n is the number of times the interest is compounded per year
t is the number of years
In this case, the principal amount (P) is $820, the annual interest rate (r) is 4% (or 0.04 in decimal form), the number of times the interest is compounded (n) is generally not given, so we'll assume it's compounded annually, and the number of years (t) is 3.
A = 820(1 + 0.04/1)^(1*3)
A = 820(1 + 0.04)^3
A = 820(1.04)^3
A = 820(1.124864)
A ≈ 920.35
So, the final balance of the account after 3 years would be approximately $920.35.
None of the given options match the calculated final balance.