SOLUTION: john invested $2,975 at 4% interest compounded annually. what will be the balance after 2.5 years.

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Question 958189: john invested $2,975 at 4% interest compounded annually. what will be the balance after 2.5 years.
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+A+=+P%2A%28+1+%2B+r%2Fn+%29%5E%28n%2At%29+
+A+=+2975%2A%28+1+%2B+.04%2F1+%29%5E%28+1%2A2.5+%29+
+A+=+2975%2A1.04%5E2.5+
+A+=+2975%2A1.10302+
+A+=+3281.48+
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The balance will be $3,281.48