Question

At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annually. The total amount that Molly will have in her account at the end of 3 years is

Answer 1

$873.60

Explanation:

it was correct for plato

Answer 2

The total amount of money that Molly will have after depositing a certain amount with interest that is compounded annually is calculated through the equation,
F = P x (1 + i)^n
Substituting the known values from the given above,
F = ($200)(1 + 0.20)^3
F = $345.6
Therefore, the answer to this item is $345.6.