find the balance in the account,
3300 principal earning 4%, compounded annually, after 3 years?
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To find the balance in the account, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the balance after time t
P = the principal amount (initial deposit)
r = the annual interest rate (as a decimal)
n = the number of times that interest is compounded per year
t = the number of years
In this case, the principal amount (P) is $3300, the annual interest rate (r) is 4% (or 0.04 as a decimal), interest is compounded annually (n = 1), and the time period (t) is 3 years.
Plugging these values into the formula:
A = 3300(1 + 0.04/1)^(1*3)
Simplifying:
A = 3300(1 + 0.04)^3
Now, we can calculate this:
A = 3300(1.04)^3
A = 3300(1.124864)
A ≈ 3709.61
Therefore, the balance in the account after 3 years would be approximately $3709.61.
Just plug in the numbers for your formula, and you get
3300(1 + .04)^3