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1. Lukas deposited $3000 into a savings account that earns 3.7% interest compounded annually. What is the total value of the account after 5 years?
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3 votes
1. Lukas deposited $3000 into a

savings account that earns
3.7% interest compounded
annually. What is the total
value of the account after 5
years?

User Salah Sanjabian
by
8.5k points

1 Answer

4 votes
Your Answer is 555 because it would always stay 3.7 interest and if he always makes that deposit 3.7% of 3,000 is 111 and 111 times 5 equals 555
User Matt Vukas
by
9.8k points
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