Ask Question
9 October, 03:09

A customer deposits $500 in an account that pays 4% annual interest. What is the balance after 3 years if the interest is compounded annually?

+1
Answers (1)
  1. 9 October, 03:35
    0
    A (t) = P (1 + (r/n)) ^ (nt)

    A (3) = 500 (1+0.04/1)) ^ (1*3)

    A (3) = 500 (1.04) ^3

    A (3) = $562.43
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A customer deposits $500 in an account that pays 4% annual interest. What is the balance after 3 years if the interest is compounded ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers