Given:
Seema deposited $800 in a saving account earning 3.24% compounded
annually.
So, we can conclude the following data:
P = initial investement = 800
r = interest ratio = 3.24% = 0.0324
n = 1
t = time 3 years
The final investment (A) will be calculated using the following formula:
[tex]A=P\cdot(1+\frac{r}{n})^{nt}[/tex]Substitute with the given data:
[tex]A=800\cdot(1+\frac{0.0324}{1})^{1\cdot3}=800\cdot1.0324^3\approx880.3066[/tex]Rounding to the nearest cent
So, the answer will be $880.31
