A customer deposits $500 in an account that pays 4% annual interest. What is the balance after 3 years if the interest is compou
nded annually?
2 answers:
Answer: $562.43
Step-by-step explanation:
i got it right on edge 2020
A(t) = P(1+(r/n))^(nt)
A(3) = 500(1+0.04/1))^(1*3)
A(3) = 500(1.04)^3
A(3) = $562.43
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