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Popular >

Find the future value.3169 invested for 4 years at 3% compounded annually

Solution

Find the future value.3169 invested for 4 years at 3% compounded annually

Solution

Amount : 3566.74

Solution steps

Translate the problem into an equation:

A = 3169 (1 + \frac{0.03}{1})^{1 \cdot 4}

3169 (1 + \frac{0.03}{1})^{1 \cdot 4} = 3566.73741 \dots

Round to the nearest hundredth:

3566.74

Amount : 3566.74

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