Question

if you deposit $1,000 into an account with 4% interest, how much money will be in the account in three years

Answer 1

1,120

Explanation:

4% of 1,000 is 40

$40*3 years is 120

add that to 1000 and you get 1,120

Answer 2

$1124.86

Explanation:

1000(1+0.04)^3=1124.864