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You deposited $1,500 in a savings account that pays 3% interest annually, compounded monthly. After one year, your balance is $1,545.62. What is your rate of return for one year? 3% 1.03% 3.04% 0.03%
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You deposited $1,500 in a savings account that pays 3% interest annually, compounded monthly. After one year, your balance is $1,545.62. What is your rate of return for one year?

3%
1.03%
3.04%
0.03%

User Warao
by
8.0k points

1 Answer

9 votes

Answer:

100 + 10% = $110, and after two years you will have $110 + 10% = $121.

Explanation:

User Deen
by
7.6k points
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