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?

Question

Ty Baldwin

Mathematics

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)

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Nikolas Dorsey · Answer 1

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

Anya · Answer 2

590$ after 3 years, 90$ from interest.