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$3,000.00 and 8 percent interest compounded annually. what is amount after 1 year.

$3,000.00 and 8 percent interest compounded annually. what is amount after 1 year.
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$3,000.00 and 8 percent interest compounded annually. what is amount after 1 year.

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User Mario Rojas
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8.6k points

1 Answer

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If you would like to know the amount after 1 year, you can calculate this using the following steps:

8% of $3,000.00 = 8% * 3,000.00 = 8/100 * 3,000.00 = $240

$3,000.00 + $240 = $3,240.00

The correct result would be $3,240.00.
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User Stamster
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8.0k points
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