you deposit $3500 in an account that earns 2.5% annual interest. Find the balance after one year if the interest is compounded with the given frequency.

3587.5

what is

3500(1.025) ?

To find the balance after one year with compound interest, you can use the formula:

Balance = Principal * (1 + (Annual Interest Rate / Frequency))^(Frequency * Time)

In this case, the Principal is $3500, the Annual Interest Rate is 2.5%, and the Time is 1 year. The Frequency is not specified, so I will assume it's compounded annually.

Plugging in the values into the formula:

Balance = $3500 * (1 + (2.5% / 1))^(1 * 1)

Simplifying:

Balance = $3500 * (1 + 0.025)^1

To find the balance, calculate:

Balance = $3500 * (1.025)

Balance = $3587.50

Therefore, the balance after one year, with the interest compounded annually, is $3587.50.

7087.5