At the beginning of year 1, josie invests $400 at an annual compound interest rate of 5%. she makes no deposits to or withdrawals from the account. which explicit formula can be used to find the account's balance at the beginning of year 3?

The explicit formula that can be used is

The account's balance at the beginning of year 3 is  

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  

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