ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Stephen deposited $5, 000 in a savings account at Alliance Bank that pays 4% interest compounded annually. Whichequation could be used to find the value of the account after 3 years?
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A = 5, 000(1 + 4)3
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A = 5, 000(1 + 0.04)3
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A = 5, 000(1 + 0.4) x 3
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A = 5, 000(0.04)3
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Explanation:
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