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Mr. Morris deposits $3,000 into a savings account that compounds annually by 16%. If 2 years
pass, how much money does Mr. Morris have in his savings account?

Mr Morris deposits 3000 into a savings account that compounds annually by 16 If 2 years pass how much money does Mr Morris have in his savings account class=

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samuelonum1

Answer:

$4036.8

Step-by-step explanation:

Given data

Principal= $3,000

Rate=16% = 0.16

Time= 2 years

The expression for the compound interest is

A=P(1+r)^t

substitute our data into the expression to solve for A

A=3000(1+0.16)^2

A=3000(1.16)^2

A=3000*1.3456

A=$4036.8

Hence the savings after 2 years is $4036.8

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