What is the final balance for an account starting with $2000 at 3.5% interest compounded annually for 3 years? A = P(1 + r)t A. $2217.44 B. $4290.
Mathematics
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Question
What is the final balance for an account starting with $2000 at 3.5% interest compounded annually for 3 years? A = P(1 + r)t A. $2217.44 B. $4290.75 C. $6210.00 D. $8100.00
2 Answer

1. User Answers dolphinlover
the correct answer is A 
2. User Answers stephiegburgess
I know this is late, but I can help explain so you can understand it.
Use this: A = P(1 + r)t
So,
P = 2,000 (How much you starting off)
r = 3.5% or 0.035 (your interest)
t = 3 (years)
The formula looks like this: 2000(1 + 0.035)^3
2000(1.035)^3
2000 x 1.1087...
= 2217.44