
Concept explainers
To calculate the total amount if the interest is compounded annually.

Answer to Problem 47CR
$3464.21
Explanation of Solution
Given:
Principal: $2750
Rate of interest: 8%
Time: 3 years
Formula used:
Compound interest
Calculation:
Using the compound interest formula and substituting the known values,
Rounding off to the nearest cent, the compound interest is,
Conclusion:
Therefore, the total amount of compound interest is $3464.21.
Chapter 6 Solutions
Glencoe Math Accelerated, Student Edition
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