3
Given:
P = 1200 (principal)
r = 4% = 0.04 (annual interest rate)
n = 3 years
Formula:
A = P(1 + r)^n
Calculation:
1 + r = 1 + 0.04 = 1.04
(1.04)^2 = 1.0816
(1.04)^3 = 1.0816 × 1.04 = 1.124864
A = 1200 × 1.124864 = 1349.8368
Rounded to cents:
A = $1,349.84
So the investment will amount to $1,349.84 after 3 years.
Added 190 days ago|11/27/2025 10:53:08 AM
This answer has been confirmed as correct and helpful.
