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How much will be in my account of 15000 at 5% annually at 3 years

User Ilka
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To calculate the amount in your account after 3 years with an annual interest rate of 5%, we can use the formula for compound interest:

A = P(1 + r/n)^(n*t)

Where:

A is the final amount

P is the principal amount (initial amount)

r is the annual interest rate (in decimal form)

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

t is the number of years

In this case, P = $15,000, r = 5% = 0.05, n = 1 (compounded annually), and t = 3.

Substituting the values into the formula, we have:

A = 15000(1 + 0.05/1)^(1*3)

A = 15000(1 + 0.05)^3

A = 15000(1.05)^3

A = 15000(1.157625)

A ≈ $17,364.38

Therefore, the amount in your account after 3 years at an annual interest rate of 5% will be approximately $17,364.38.

User Klemen Tusar
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