Question

Mr. Bearfield deposited $3,500 in a new investment account. -The investment pays 8% interest compounded annually on this account. -Mr. Bearfield did not make any additional deposits or withdrawals. What is the balance of the account at the end of three years?

Answer 1

In 3 years, you will have $4,408.99

Explanation:

The formula used in the compound interest calculator is A = P(1+r/n)^(nt)

A = the future value of the investment

P = the principal investment amount

r = the interest rate (decimal)

n = the number of times that interest is compounded per period

t = the number of periods the money is invested for