The student council made a pront of $3,000 on a car wash. If they invest the money at 5% interest compounded yearly, how much money would they have in four years?

$3375 money would the student council have in four years if they invest $3000 at 5% interest compounded yearly.

Step-by-step explanation:

We are given:

Principal Amount = $3000

Interest Rate r = 5% or 0.05

n=1 (compounded yearly)

Years t= 4

We need to find future value (A)

The formula used is:

Putting values in formula and finding future value A

So, $3375 money would the student council have in four years if they invest $3000 at 5% interest compounded yearly.