John invests $2,975 at 4% interest compounded annually. What will be the balance in the account after 2.5 years?
• $3,272.50****
• $3,281.48
• $5,493.86
• $7,735.00
Am I Correct?
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The correct answer is $3,281.48
Every other site shows $3,272.50 as the correct answer. It is NOT that.
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To calculate the balance in the account after 2.5 years, you need to use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment
P = the principal amount (initial investment)
r = the annual interest rate (in decimal form)
n = the number of times that interest is compounded per year
t = the number of years
In this case, John invests $2,975 at an interest rate of 4% compounded annually, so:
P = $2,975
r = 4% = 0.04
n = 1 (compounded annually)
t = 2.5 years
Using the formula, we can calculate the future value:
A = $2,975 * (1 + 0.04/1)^(1*2.5)
A = $2,975 * (1 + 0.04)^(2.5)
A = $2,975 * (1.04)^(2.5)
A ≈ $3,281.48
Therefore, the correct answer is $3,281.48.
The answers
A D C A A C B C B C A A A A B B A B C do the rest on your own thank you 👌