4)
I
You deposit $2500 in an account that pays 6 percent annual interest. Find the balance after 3
years if the interest is compounded with the given frequency.

$2,977.54

Step-by-step explanation:

You are going to use the compound interest formula:

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

First, change 6% into the decimal form:

6% -> -> 0.06

Next, lets plug in the values:

Your answer will be $2,977.54

entering that problem on the tube might get you an answer