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4 August, 01:14

A retiree invests 3,000 in a savings plan that pays 3% per year. What will the account balance be at the end of the first year

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  1. 4 August, 01:19
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    Interest earned = rate charged * amount invested

    Interest = 3/100 * $3000 = $90

    Account balance after one year = Amount invested + Interest earned

    Account balance after one year = $3000 + $90 = $3090
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