3 years ago

A retiree invests 3,000 in a savings plan that pays 3% per year. What will the account balance be at the end of the first year

1 answer:

7 0

Interest earned = rate charged × amount invested

Interest = 3/100 × $3000 = $90

Account balance after one year = Amount invested + Interest earned

Account balance after one year = $3000 + $90 = $3090

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