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26 July, 22:19

If $1,000 is invested in an account that pays 4% interest compounded annually, an expression that represents the amount in the account at end of three years can be given by which of the following equations?

A. 1000+0.4^3

B. 1000 (0.3) ^3

C. 1000 (1.04) ^3 ... ?

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Answers (2)
  1. 26 July, 23:48
    0
    Since the equation is balance = principal (1 + rate of interest) ^ time, then the correct answer should be C. 1000 (1.04) ^3.
  2. 27 July, 01:27
    0
    The answer is C. 1000 (1.04) ^3
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