elaine opened a saving account with a deposit of 1000. The interest on her account is compounded each year at a rate of 2%. Elai

Question

3 years ago

6

elaine opened a saving account with a deposit of 1000. The interest on her account is compounded each year at a rate of 2%. Elai

ne whill not make any additional deposits to or withdrawls from her account. What will be the balance in Elaine's account at the end of 3 years. Round your answer to the nearest whole dollar

Mathematics

2 answers:

ASHA 777 [7] · Answer 1 · 2022-05-08T12:04:48+03:00

ASHA 777 [7]3 years ago

7 0

Answer:

1061

Step-by-step explanation:

vivado [14] · Answer 2 · 2022-05-08T10:52:49+03:00

vivado [14]3 years ago

5 0

Answer:

$1,061

Step-by-step explanation:

2% of 1000 is 20.

If 2% is compounded yearly, then

year one- $1,020

year two- $1,040.40

year three- $1,061.21

Rounded to the nearest whole dollar, Elaine would have $1,061 in her savings account after three years.