Question

Felicia invested 25,000 into an account earning 3% interest compounded annually. She makes no other deposit into the account and does not withdraw any money. What is the balance of Felicia’s account in nine years

Answer 1

=32619.3296......

Explanation:

A = P(1 + r/n)^(nt)

Where:

A is the final amount

P is the principal amount (initial deposit)

r is the annual interest rate (in decimal form)

n is the number of times that interest is compounded per year

t is the number of years

A=25000 x (1+3%÷1)^9

A=32619.3296......