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An investor puts $200 in an account that pays 7% interest, compounded annually. Find the amount in the account after 3 years.

the amount in the account after 3 years is $245

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = 200

r = 7% = 7/100 = 0.07

n = 1 because it was compounded once in a year.

t = 3 years

Therefore,

A = 200(1+0.07/1)^1 × 3

A = 200(1+0.07)^3

A = 200(1.07)^3

A = $245

you can first factor out the n to get n(1+5). we know that 1+5 is 6, so we just have 6n.

1 and 0

step-by-step explanation: