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tangare [24]
3 years ago
13

At the beginning of every year molly deposits 200 in a savings account thst offers 20% interest annually. The total amount molly

woukd have in her account after 3 years is? I got 345.60 but wrong?
Mathematics
1 answer:
Alexeev081 [22]3 years ago
5 0
3 years
200 * (1.2)^3 = <span> <span> <span> 345.6</span></span></span>0

2 years
200 * (1.2)^2 = 288.00

1 years
200 * 1.2^1 = 240.00

It seems you calculated 200.00 for 3 years.
You need the total which equals:
<span> <span> 345.6</span></span>0 + 288.00 + 240.00
= 873.60

There is a formula for this:
Total = Amount * ([(1+rate)^(years+1) -1] / rate) - amount
Total = 200 * ([(1.20^4) -1] / .20) - 200
Total = 200 * [( <span> <span> <span> 2.0736 </span> </span> </span> -1) / .20] -200
Total = 200 * ( <span><span><span>1.0736 </span> </span> </span> / .20) - 200
Total = 200 *  <span> <span> <span> 5.368 </span> </span> </span> -200
Total = <span> <span> <span> 1073.6 </span> </span> </span> -200
Total = 873.60


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