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ʎddɐɥ ʎddɐɥ
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8 years ago
What amount of interest is earned on $1,000 at 4% interest compounded annually for three years?
A) $126.16
B) $124.86
C) $265.32
D) $120.00
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#1
8 years ago
The answer should be $124.86 from the formula:   A=P(1+(r/n))^tn  P= 1000, r=.04 (the rate), n=1 (the amount of times it is compounded), and t=3 (the time in years)
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