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?

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Kinsley 2 weeks 2021-09-15T07:05:58+00:00 2 Answers 0

Answers ( )

    0
    2021-09-15T07:07:07+00:00

    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

    0
    2021-09-15T07:07:55+00:00

    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.

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