Sandy put $1000 in a savings account which pays 3% interest per year. After four years how much money will
be in the account assuming no additional deposits or withdrawals?

Amount after 4 year is $1,125.5

Given that;

Amount invested = $1000

Interest rate = 3%

Number of year = 4 year

Find:

Amount after 4 year

Computation:

A = p[1+r]ⁿ

Amount after 4 year = 1000[1+0.03]⁴

Amount after 4 year = 1000[1.03]⁴

Amount after 4 year = 1000[1.1255]

Amount after 4 year = $1,125.5

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after 4 years Sandy will have $1464.1

Step-by-step explanation:

Here we have , Sandy put $1000 in a savings account which pays 3% interest per year. We need to find After four years how much money will  be in the account assuming no additional deposits or withdrawals. Let's find out:

Sandy put $1000 in savings account and it pays 3% interest per year , So

Amount after 1 year :

⇒

Amount after 2 year :

⇒

Amount after 3 year :

⇒

Amount after 4 year :

⇒

Therefore , after 4 years Sandy will have $1464.1

486in is correct

step-by-step explanation: