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don't put 3,000 in a savings account with an interest rate of 4% for 3 years if the interest is compounded annually how much money will he have at the end of the three years​

2 Answers

7 votes

Answer:

lm sorry l dont know

Explanation:

User Natenho
by
8.6k points
1 vote

Answer:

$3,374.59

Explanation:

Lets use the compound interest formula to solve:


A=P(1+(r)/(n) )^(nt)

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, change 4% into a decimal:

4% ->
(4)/(100) -> 0.04

Next, lets plug the values into the equation:


A=3,000(1+(0.04)/(1))^(1(3))


A=3,374.59

After 3 years, you'd have $3,374.59

User Durgesh Chaudhary
by
8.0k points

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