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16 November, 22:13

Daniel puts $500 in a bank for five years at 6% interest compounded annually. What is the sum after 3 years to the nearest dollar?

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Answers (2)
  1. 16 November, 22:39
    0
    Compound interest growth formula:

    A=P x (1+r/100) ^t

    A is the end amount

    P is the initial (principal) amount

    r is the rate

    t is the time in years

    500 x 1.06^3=$596
  2. 16 November, 22:41
    0
    590$ after 3 years, 90$ from interest.
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