Jeff invested $3000 in an account that earns 6.5% interest, compounded annually. The formula for compound interest is A(t) = P(1 + i) t. How much did Jeff have in the account after 3 years?

$3623.85

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

Brackets Parenthesis Exponents Multiplication Division Addition Subtraction Left to Right

Equality Properties

Algebra I

Compounded Interest Formula:

A is final amountP is principle amountr is raten is compounded ratet is time in years

Step-by-step explanation:

Step 1: Identify Variables

P = 3000

r = 0.065

n = 1

t = 3

Step 2: Find Final Amount A

Substitute [CIF]:                    Multiply:                                Divide:                                  Add:                                      Exponents:                           Multiply: