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John placed 2,000 in a savings account which compounds interest annually at a rate of 4.3% . How much will he have in the account after 3 years?

Solution

John placed 2, 000 in a savings account which compounds interest annually at a rate of 4.3% . How much will he have in the account after 3 years?

Solution

Amount : 2269.25

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.043}{1})^{1 \cdot 3}

2000 (1 + \frac{0.043}{1})^{1 \cdot 3} = 2269.253014

Round to the nearest hundredth:

2269.25

Amount : 2269.25

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