Respuesta :
2000 X 0.4 = 800
monthly=month 12 months in 1 year
12 X 3 = 36
800 X 36= 28800
The balance in the account is $28800
monthly=month 12 months in 1 year
12 X 3 = 36
800 X 36= 28800
The balance in the account is $28800
Principal, P = $2000
Rate , r= 4% = 0.04
Compounded monthly , So , n=12
Time , t=3 years
The formula we use here is
[tex] A= P(1+\frac{r}{n} )^{nt} [/tex]
Lets plug the given values
[tex] A= 2000(1+\frac{0.04}{12} )^{12(3)} [/tex]
[tex] A= 2000(\frac{301}{300} )^{36} [/tex]
Plug in calculator for final answer
A= $2254.54
After 3 years the balance in account should be approx $2254.54
