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agasfer [191]
2 years ago
12

A $3,200.00 principal earns 7% interest, compounded annually. After 3 years, what is the balance in the account? Round to the ne

arest cent.
A. $1,097,600.00
B. $7,840.28
C. $67,200.00
D. $3,920.14
Mathematics
1 answer:
valentinak56 [21]2 years ago
3 0

The balance in the account is $3,920.14

<h3>Compound interest</h3>

The formula for calculating the compound interest is expressed as

A = P(1 + r)^t

Given

  • P = $3,200.00
  • r = 7% = 0.07
  • t = 3 years

Substitute

A = 3200(1+0.07)^3

A = 3,920.14

Hence the balance in the account is $3,920.14

Learn more on  Compound interest here: brainly.com/question/24924853

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