Question

You deposited $475 into the bank at a 6% interest rate. How much will be in the account after three years

Answer 1

$565.73 and the interest is $90.73

Explanation:

A=475(1+0.061)^1⋅3

A=475⋅1.063

A=475⋅1.191016

A=565.73

To find interest:

A=P+I

565.73II=475+I

I=565.73−475

I=90.73