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9 September, 09:21

You deposit $500 into an account that earns 7% interest compounded annually. what is the balance after 3 years?

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  1. 9 September, 09:29
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    Total = Principal * (1 + rate) ^years

    Total = 500 * 1.07^3

    Total = 500 * 1.225043

    Total = 612.52
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