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

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.