Sarah's parents started a savings account for her when she was 12. The plan her parents chose earns 3.2% each year, and her pare
nts initial deposit was $3500. How much will be in Sarah's savings account after 3 years when Sarah is ready to look for a car?
1 answer:
Answer:
$3846.87
Step-by-step explanation:
Assuming the interest is compounded annually, the value in 3 years is ...
FV = P(1 +r)^t
FV = $3500(1.032^3) ≈ $3846.87
Sarah's account will be worth about $3846.87.
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