Greta puts 300.00 into an account to use for school expenses. The account earns 3% interest, compounded annually. How much will be in the account after 4 years?

Solution

Solution

Amount : 337.65

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.03}{1})^{1 \cdot 4}

300 (1 + \frac{0.03}{1})^{1 \cdot 4} = 337.652643

Round to the nearest hundredth:

337.65

Amount : 337.65

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