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Agata [3.3K]
3 years ago
5

4)

Mathematics
1 answer:
Mrac [35]3 years ago
8 0

Answer:

$2,977.54

Step-by-step explanation:

You are going to use the compound interest formula:

A=P(1+\frac{r}{n} )^{nt}

<em>P = initial balance</em>

<em>r = interest rate</em>

<em>n = number of times compounded annually</em>

<em>t = time</em>

<em />

First, change 6% into the decimal form:

6% -> \frac{6}{100} -> 0.06

Next, lets plug in the values:

A=2,500(1+\frac{0.06}{1} )^{3(1)}

A=2,977.54

Your answer will be $2,977.54

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