john invested $2,975 at 4% interest compounded annually. what will be the balance after 2.5 years.

i got this fr my answer $7,735.00

The Answers B. 3,281.48....

It’s B!

it's B love.

You are way off. There's no way your money is going to more than double at that rate and in that time.

I don't know the formula for figuring compound interest -- but here's a start for the first year.

I = Prt
I = 2,975 * 0.04
I = 119

119 + 2975 = 3,094 at the end of the first year.

Now do the same with the new balance.

To calculate the balance after 2.5 years with compound interest, we can use the formula for compound interest:

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

Where:
A = the final balance
P = the principal amount (initial investment)
r = the interest rate (written as a decimal)
n = the number of times that interest is compounded per year
t = the time in years

Given:
P = $2,975
r = 4% (which we convert to 0.04)
n = 1 (since the interest is compounded annually)
t = 2.5 years

Plugging in the values into the formula, we get:

A = 2975(1 + 0.04/1)^(1*2.5)
A = 2975(1.04)^(2.5)

Using a calculator, we find that (1.04)^(2.5) is approximately 1.103812881.

Substituting this value back into the formula, we have:

A = 2975 * 1.103812881
A ≈ $3,291.82

So, the correct balance after 2.5 years, with the given interest rate and compounding period, is approximately $3,291.82