If you deposit $540 in an account that pays 6% interest compounded annually how much would be in the account after three years

Mathematics

2 answers:

yawa3891 [41]2 years ago

7 0

Answer:

A=$643.15

Step-by-step explanation:

We can use the formula

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

Now we can plug the information in the problem into the formula

$A=540(1+\frac{0.06}{1} )^{(1)(3)}\\\\A=643.15$

Doss [256]2 years ago

5 0

Answer:

The amount after 3 year = $ 643.15

Step-by-step explanation:

Compound interest formula:

A = P[1 +R/n]^nt

Where A - amount

P - principle amount

R = rate of interest

t - number of times compounded yearly

n number of years

To find the amount after 3 years

Here P = $540, R = 6%, t = 1 and n = 3 years

A = P[1 +R/n]^nt

= 650[1 + 0.06/1]^(3*1)

= 540[1.06]^3

= $ 643.15

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