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?

Respuesta :

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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