Question

Calculate the amount in an account at the end of one year if

the account starts with the principal amount stated below and
earns the specified annual rate of interest compounded yearly.
Principal = $3, 000, Rate = 4%

A. $3,120
B. $5,120
C. $4,120
D. $6,120

Answer 1

Answer: A

Explanation multiply 3,000 by .04 since 0.4 is 4% and get the answer of 120
Then add 3000 + 120 getting the result of 3120