Suppose Alonzo places $ 3500 in an account that pays 17 % interest compounded each year. Assume that no withdrawals are made from the account

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asked Sep 28, 2019 196k views

1 Answer

Evert · Answer 1 · 2019-10-04T11:09:51+0000

Are you trying to find how much money he gets after a year?
If so, you set up A = P(1+r)^t which would be 3500(1.17)^1 which is $4095