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Semmy [17]
2 years ago
15

How much interest is earned in just the third year on a $1,000 deposit that earns 7% interest compounded annually?

Business
1 answer:
Sav [38]2 years ago
4 0

Answer:

Interest earn= $80.14

Explanation:

Giving the following information:

PV= $1,000

i= 7%

n= 3

<u>First, we will calculate the future value at the second year:</u>

FV= PV*(1+i)^n

FV= 1,000*(1.07^2)

FV= 1,144.9

<u>Now, for the third year:</u>

FV= 1,144.9*1.07= 1,225.04

Interest earn= 1,225.04 - 1,144.9= $80.14

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