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22 January, 12:36

jeff invested 3000 in an account that earn 6.5% interest compounded annually. the formula for compound is A (t) = p (1+i) t. how much did jeff have in the account after 3 years

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  1. 22 January, 12:50
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    Jeff had in the account 3,623.85 after 3 years

    Step-by-step explanation:

    Investment: p=3,000

    Interest: i=6.5%=6.5/100→i=0.065

    Time (in years) : t=3

    A (3) = ?

    A (t) = p (1+i) ^t

    t=3→A (3) = p (1+i) ^3

    Replacing the given values:

    A (3) = 3,000 (1+0.065) ^3

    A (3) = 3,000 (1.065) ^3

    A (3) = 3,000 (1.207949625)

    A (3) = 3,623.848875

    Rounding to the nearest hundredth:

    A (3) = 3,623.85
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