Ernesto has $70 in a savings account. The interest rate is 5%, compounded annually. To the nearest cent, how much will he have i
n 3 years?
1 answer:
Answer: $81.03
Step-by-step explanation:
The interest is compounded annually which means that the future value formula applies:
Future value = Amount * ( 1 + rate) ^ number of years
Amount = $70
Rate = 5%
Number of years = 3 years
In 3 years, Ernesto will have:
= 70 * ( 1 + 5%)³
= $81.03
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