Need help w math question

y = P • (1+r)^t

Balance after 2 years: $3307.5

Step-by-step explanation:

To answer this question, we will use standard equation that calculates bank interests:

A = P(1+(r/n))^(n•t)

It might seem complicated, but let's explain:

A - amount of money after the time period

P - principal amount, the amount of money you started with

r - interest rate, in decimal numbers

n - number of times interest is being calculated per year

t - number of years

Since here, interest is annual, n = 1, so our equation is:

A = P(1+r)^t

P = $3000

r = 5% = 0.05

t = 2 years

A = 3000(1+0.05)^2

A = 3000•(1.05)^2

A = $3307.5

you probably already have the answer but anyways it's b. 15.0

step-by-step explanation: