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3 years ago

15

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:

Gnesinka [82]3 years ago

7 0

Answer: $562.43

Step-by-step explanation:

i got it right on edge 2020

lana [24]3 years ago

6 0

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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Step-by-step explanation:

We can add the two equations to eliminate $y$ and solve for $x$ .

$x+y+x-y=0.5+1$

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Now, we can find for $y$ by using substitution:

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