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?
1 answer:
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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