Jake's bank offers him an account with 3o interest, compounded annually. How much interest would he earn from this account if he deposits his $1,320 for 5 years?

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Haxpor asked Apr 15, 2023

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29 votes

Jake's bank offers him an account with 3o

interest, compounded annually. How much
interest would he earn from this account if he
deposits his $1,320 for 5 years?

Mathematics
college

Haxpor asked Apr 15, 2023

by Haxpor

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I=P(1+R/100)^5

I=$1320(1+3/100)^5

I=$1530

Monksp answered Apr 21, 2023

by Monksp

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