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How much money will be in a bank account after 3 years if $9 is deposited at an interest rate of 5% compounded annually? Round to the nearest dollar.

Sagot :

Kayla71807idn

Answer:

$10.42

Step-by-step explanation:

Compound interest formula: A=p(1+r/n)^nt

9=p, r=0.05, n=1, and t=3

A=9(1+0.05)^3

A=9(1.05)^3

Plug this into calculator and you get $10.42

Altavistardidn

Answer:

A  = $10.42

Step-by-step explanation:

The appropriate formula is the "compound amount" formula given by

A = P(1 + r)^t,

where P is the initial amount, r is the annual interest rate as a decimal fraction, and t is the number of years elapsed.

Here:  

A = $9(1 + 0.05)^3, or

A  = $9(1.05)^3, or

A  = $10.42

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