Question

At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annually. The total amount that Molly will have in her account at the end of 3 years is $.

Answer 1

It is I=PRT. So you would first make the "20%" into a decimal. After you turned the 20% into a decimal, you would multiply the the rest of the numbers (200 and 3) with the decimal you got. It should look like this: 200× 0.20 × 3= answer