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14 April, 16:00

Jenny has $400 in an account with an annual interest rate of 6% compounded annually. if jenny makes no deposits or withdrawals, how much money will be in her account at the end of 3 years?

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  1. 14 April, 16:30
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    The formula for this problem is A=P (1 + (r/n)) ^nt.

    A is what you're trying to find. P=400 r=0.06 t=3 n=1, since it's compounded once per year.

    Now plug in those values to get A=400 (1 + (0.06/1)) ^1*3

    I get an answer of $476.41
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