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2 votes
6300 principal earns 6% interest compounded annually after 3 years what is the balance

1 Answer

3 votes

Answer:

$6,300

Explanation:

Where:

A = the future value of the investment/loan, including interest

P = the principal investment amount (the initial deposit or loan amount)

r = the annual interest rate (decimal)

n = the number of times that interest is compounded per year

t = the number of years the money is invested or borrowed for

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