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MArishka [77]
2 years ago
15

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?
Mathematics
1 answer:
Paul [167]2 years ago
3 0

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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