Question

Lauren deposited $3,000 into a savings account with an annual interest rate of 0.75%. She made no deposits or withdrawals for 3 years. If interest was compounded annually,
which equation represents the balance in the account after 3 years?
A = 3000(1 +0.0075)^3
A = 3000(1 -0.0075)^3
A = 3000(1 + 0.075)^3
A = 3000(1 +0.75)^3

Answer 1

The upper one is correct. Because 0,75% = 0,0075 ( :10) and since the interest rate is positive it has to be 1 + ...

Answer 2

The equation that represents the balance in the account after 3 years is : A = 3000(1 +0.0075)^3.

Using this formula

A = P (1 + r)^t  

Where:

A=Amount=?

Principal=$3,000

r=Interest rate=0.75% or 0.0075

t=time=3 year

Let plug in the formula

A=3000(1 + 0.0075)^3

A= 3000(1.0075)^3

A=3,000(1.022669172)

A= $3,068

Inconclusion the equation that represents the balance in the account after 3 years is : A = 3000(1 +0.0075)^3.

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