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you deposit 1600 in a bank account. Find the balance after 3 years if the account pays 4% annual interest

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 Nov 22, 2019
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FV = PV x [1 + R]^N

 

FV =$1,600 x [1 + 0.04]^3

 

FV =$1,600 x     1.04^3

 

FV =$1,600 x  1.124864

 

FV =$1,799.78 - Balance of the acct. after 3 years.

 Nov 22, 2019

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