after 4 years Sandy will have $1464.1
Step-by-step explanation:
Here we have , Sandy put $1000 in a savings account which pays 3% interest per year. We need to find After four years how much money will be in the account assuming no additional deposits or withdrawals. Let's find out:
Sandy put $1000 in savings account and it pays 3% interest per year , So
Amount after 1 year :
⇒ [tex]1000 + \frac{1000(10)}{100} = 1000+100=1100[/tex]
Amount after 2 year :
⇒ [tex]1100 + \frac{1100(10)}{100} = 1100+110=1210[/tex]
Amount after 3 year :
⇒ [tex]1210 + \frac{1210(10)}{100} = 1210+121=1331[/tex]
Amount after 4 year :
⇒ [tex]1331+ \frac{1331(10)}{100} = 1331+133.1=1464.1[/tex]
Therefore , after 4 years Sandy will have $1464.1
Amount after 4 year is $1,125.5
Given that;
Amount invested = $1000
Interest rate = 3%
Number of year = 4 year
Find:
Amount after 4 year
Computation:
A = p[1+r]ⁿ
Amount after 4 year = 1000[1+0.03]⁴
Amount after 4 year = 1000[1.03]⁴
Amount after 4 year = 1000[1.1255]
Amount after 4 year = $1,125.5
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