Luca puts 3,000.00 into an account to use for school expenses. The account earns 4% interest, compounded annually. How much will be in the account after 4 years?

Solution

Luca puts 3, 000.00 into an account to use for school expenses. The account earns 4% interest, compounded annually. How much will be in the account after 4 years?

Solution

Amount : 3509.58

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.04}{1})^{1 \cdot 4}

3000 (1 + \frac{0.04}{1})^{1 \cdot 4} = 3509.57568

Round to the nearest hundredth:

3509.58

Amount : 3509.58

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