SOLUTION: Brad invested $2,400 in a three year CD that pays four percent componded annually. What is the compound interest and amount that will be in the bank after three years?

Question 116946: Brad invested $2,400 in a three year CD that pays four percent componded annually. What is the compound interest and amount that will be in the bank after three years?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Brad invested $2,400 in a three year CD that pays four percent componded annually. What is the compound interest and amount that will be in the bank after three years?
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A(t) = P(1+(r/n))^(nt
A(3) = 2400(1+0.04)^(3)
A(3) = 2400*1.1248
A(3) = $2699.67
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Cheers,
Stan H.
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