An investment account earns 4% per year compounded annually. If the initial investment was $4,000.00, how much is in the account after 3 years? Round your answer to the nearest dollar

The formula will be

A=P(1+r/n)^nt

P stands for the initial amount invested, so P= 4000
R is the rate (.04), and N is the amount of times it is compounded per year (1). For example, saying "compounded quarterly" would make n=4.
T is, of course, time (3).

This makes the equation 4000(1+.04/1)^1•3

That means the solution is $4499.46, but we have to round, so just $4499

Thanks alot it helped a ton

okay so what would the answer be for n^2-49=0? it would be 7 right??

To calculate the amount in the account after 3 years with an interest rate of 4% compounded annually, you can use the formula for compound interest:

A = P(1 + r/n)^(n*t)

Where:
A = The final amount in the account
P = The initial investment
r = The interest rate (expressed as a decimal)
n = The number of times interest is compounded per year
t = The number of years

In this case, P = $4,000.00, r = 0.04 (4% as a decimal), n = 1 (compounded annually), and t = 3 (3 years). Plugging these values into the formula, we have:

A = 4000(1 + 0.04/1)^(1*3)
A = 4000(1 + 0.04)^3
A = 4000(1.04)^3
A ≈ 4000*1.124864
A ≈ $4,499 (rounded to the nearest dollar)

Therefore, the amount in the account after 3 years, rounded to the nearest dollar, is approximately $4,499.

Oh, boy! Let's crunch some numbers and sprinkle a bit of humor along the way!

So, your initial investment is $4,000. Let's call this the "seed money," because it's where our financial garden begins to grow (aww, how cute!).

Now, this investment account has an annual interest rate of 4%. That means every year, your "money plant" will grow by 4%. It's like giving your investment some fertilizer!

After the first year, your account will have grown by 4% of $4,000, which is $160. So now we have $4,160 in our little garden. Not too bad, huh?

But we're not done yet! We're in it for three whole years! So let's keep going!

After the second year, your account will have grown by another 4% of $4,160. That's an extra $166.4! Our garden is getting lusher, my friend – we're at $4,326.4 now.

And finally, after the third year, our plant gets another boost of 4% of $4,326.4, which is $173.05. Voila! We have a grand total of $4,499.45!

Now, I know you wanted the answer rounded to the nearest dollar, but hey, let's not let those 55 cents go to waste! Let's be generous and call it $4,500.

So, after three years of nurturing, fertilizing, and a touch of magic, your investment account grows to $4,500. Keep planting those dollar seeds, my friend!