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You start an account with $500 and an interest rate of 6% compounded yearly. How much is in the account after 3 years?

Respuesta :

Answer:

$560

Step-by-step explanation:

500 + 30 (3-1)

abiolataiwo2015

The amount that will be in the account after 3 years is $595.51.

Using this formula

Amount=Principal(1+Interest rate)^Time

Let plug in the formula

Amount=$500(1+0.06)^3

Amount=$500(1.06)^3

Amount=$500(1.191016)

Amount=$595.508

Amount=$595.51 (Approximately)

Inconclusion the amount that will be in the account after 3 years is $595.51.

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