What will the final balance be for $400 invested (principal) at 3% for nine years? Question What will the final balance be for $400 invested (principal) at 3% for nine years? in progress 0 Math Kinsley 2 weeks 2021-09-15T07:05:58+00:00 2021-09-15T07:05:58+00:00 2 Answers 0

## Answers ( )

Answer:

$521.91 after 9 years

Step-by-step explanation:

Initial amount $400

3%=0.03

After 1 year:

A1=400(1+0.03)=400×1.03

After 2 years

A2=A1(1+0.03)=400×1.03²

….

After 9 years

A9=400×1.03⁹

A9=$521.91

Answer: $508

Step-by-step explanation:

Calculate the interest:

Interest= Principal × rate x time

Principal= $400

Rate= 3% = 3/100 = 0.03

Time= 9 years

Slot the values into the formula

=$400 × 0.03 x 9

Interest=$108

If interest is $108, final balance will be $108 + $400 = $508

I hope this helps, please mark as brainliest answer.