Answer: $2053.51
Step-by-step explanation:
The formula for compound interest is [tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
Where
A = final amount
P = initial principal balance (1700 for this)
r = interest rate (0.065 for this)
n = number of times interest applied per time period (1 for this)
t = number of time periods elapsed (3 for this)
[tex]A=1700(1+\frac{0.065}{1})^{(3)(1)} \\A=1700(1.065})^{3} \\A=2053.51435[/tex]
Rounded that is 2053.51
