savoreo123 savoreo123

06-02-2017
Mathematics

Answered

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

Verified Answer :

wolf1728 wolf1728

06-02-2017

Total = Principal (1 +rate)^years
Total = 500 1.07^3

Total = 500 * 1.225043

Total = 612.52

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