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

User Junaidp
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1 Answer

6 votes
$595.51

Work 500x1.06=530x1.06=561.80x1.06=595.508

Rate is .06. But if you put 1 in front of number it automatically added last year with the following year
User Kroky
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