Hey, I need some help with this:
2 answers:
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Answer:
$4,499.46
Step-by-step explanation:
We can use the compound interest formula for this problem:
P = initial balance
r = interest rate (decimal)
n = number of times compounded annually
t = time
First, lets change 4% into a decimal:
4% -> -> 0.04
Now lets plug the values into the equation as shown below:
Don will have $4,499.46 at the end of the three years.