The amount gotten after $1689 invested for 4 years at 3% compounded annually is $1901
The amount of money gained after an investment is compounded is given by:
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
Where P is principal, A is the final amount, r is the rate, n is the number of times compounded per period and t is the time
Given that P = $1689, t = 4, r = 3% = 0.03, n = 1, hence:
[tex]A=P(1+\frac{r}{n} )^{nt}\\\\A=1689(1+\frac{0.03}{1} )^{4*1}\\\\A=\$1901[/tex]
The amount gotten after $1689 invested for 4 years at 3% compounded annually is $1901
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