Question

Awarding more points!!!!

You deposit $600 in a savings account.

The account earns 3.5% interest compounded annually. You want to find out how much you will have after 4 years.



a. What is the value of t? t =

b. How do you write 3.5% as a decimal?

c. What is the balance after 4 years? Balance = $ (Round to the nearest hundreth, or two deciamal places)

b. What is the interest earned? $

Answer 1

a) t in this equation would be the number of years so in this case t=4

b)3.5/100=0.035

c)A=600(1+(0.035/1)^(1×4)=688.51

d) The account earned $88.51