savoreo123
savoreo123 savoreo123
  • 07-02-2017
  • Mathematics
contestada

you deposit $500 into an account that earns 7% interest compounded annually. what is the balance after 3 years?

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wolf1728
wolf1728 wolf1728
  • 07-02-2017
Total = Principal * (1 +rate)^years
Total = 500 * 1.07^3
Total = 500 * 1.225043
Total = 612.52


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