Find the balance in the account after the given period. $3000 principal earning 5% compounded annually, 4 years

Given:

Principal= $3000

Rate of interest = 5%

Time = 4 years

n = 1 (compounded annually)

To find:

The balance in the account after 4 years

Solution:

Compound interest formula:

Substitute the given values.

To convert percentage into fraction divide by 100.

The balance in the account after 4 years is $3464.5.

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