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Evelyn has $90 in an account. The interest rate is 5% compounded annually. To the nearest cent, how much will she have in 3 years?

Evelyn has $90 in an account. The interest rate is 5% compounded annually. To the nearest cent, how much will she have in 3 years?
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Evelyn has $90 in an account. The interest rate is 5% compounded annually. To the nearest cent, how much will she have in 3 years?

asked
User Alireza Mahmoudi
by
8.9k points

1 Answer

6 votes

Answer: $104.19

Work Shown

A = P*(1+r/n)^(n*t)

A = 90*(1+0.05/1)^(1*3)

A = 104.18625

A = 104.19

answered
User DCShannon
by
8.3k points
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