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28 September, 14:34

Solve the problem. Round to the nearest cent.

Stan's savings account has a balance of $1986. After 23 years, what will the amount of interest be at 4% compounded annually?

a.

$2908.93

c.

$2913.93

b.

$2899.93

d.

$794.40

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Answers (1)
  1. 28 September, 14:50
    0
    1986*1.04^ (23) = 4894.93

    4894.93-1986 = 2908.93

    Answer is A
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