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UkoKoshka [18]
3 years ago
12

Find the balance of $2,500 deposited at 3% compounded annually for 3 years

Mathematics
2 answers:
ratelena [41]3 years ago
6 0

Answer:

The balance will be $2,731.82.

Step-by-step explanation:

This problem can be solved by the following formula:

A = P(1 + r)^{t}

In which A is the final amount(balance), P is the principal(the deposit), r is the interest rate and t is the time, in years.

In this problem, we have that:

P = 2500, r = 0.03 t = 3

We want to find A

So

A = P(1 + r)^{t}

A = 2500(1 + 0.03)^{3}

A = 2,731.82

The balance will be $2,731.82.

SVEN [57.7K]3 years ago
6 0

Answer:

2731.8

Step-by-step explanation:

2500 deposited at 3 percent interest annually equation form

2500(1+(3/100))

for 3 years power the bract by 3

2500(1+(3/100))^3=2731.81

aka 2732

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Read 2 more answers
Mr. Noel borrowed money from his cousin at a rate of 10% simple interest. After 1 year, $440
Alborosie

Answer:

<h2>$400</h2>

Step-by-step explanation:

Using the formula for calculating the simple interest expressed as;

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Substitute the given parameters into the resulting equation;

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