briannachatman2
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Nick starts a bank account with $1,400. The account earns interest at a rate of 5% per year, compounded annually. If Nick makes no other deposits or withdrawals, how much money will be in the account after 3 years?

Respuesta :

I think the answer is 1610 dollars after 3 years 
1400 times 5% is 70 So 70 three time is 210 
So 1400+210=1610 
So that's how I got my answer 
Hope its right,sorry if not.
tcopelandstone
To find the answer we will multiply them all together:
$1,400 x 0.05 x 3; they will have an extra $210 in the account.
Then, you will add the additional $210 to the original deposit:

1400+210= 1610

Thereby, Nick will have $1,610 in his account in 3 years if he doesn't touch it and let interest accrue. 

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