Miguel deposited $1,200 into an account that pays simple interest at an annual rate of 4%. What is the value of his initial depo

Question

2 years ago

8

sit after 3 years?

2 answers:

sveta [45] · Answer 1 · 2022-10-17T07:04:00+03:00

sveta [45]2 years ago

7 0

Answer:

At the end of 3 years, your savings will have grown to $1,349

Angelina_Jolie [31] · Answer 2 · 2022-10-17T06:03:55+03:00

5 0

Answer:

end of third year = 1,200*(1.02)^3 = 1,273.45 plus

end of second year = 1,200*(1.02)^2 = 1,248.48 plus

end of first year = 1,200*(1.02) = 1,224.00

Total = 3,745.9

Step-by-step explanation: