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?
Algebra ->
Logarithm Solvers, Trainers and Word Problems
-> 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?
Log On
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?
------------
A(t) = P(1+(r/n))^(nt
A(3) = 2400(1+0.04)^(3)
A(3) = 2400*1.1248
A(3) = $2699.67
====================
Cheers,
Stan H.
(