Michael deposited $40 in a savings account earning 10% interest, compounded annually. To the nearest cent, how much will he have in 3 years?

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asked Mar 17, 2018 3.1k views

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Klenwell · Answer 1 · 2018-03-20T23:26:24+0000

After 1st year: 40 (initial deposit) + 40/10 (interest) = 40 + 4 = 44 $
After 2nd year: 44 (deposit) + 44/10 (interest) = 44 + 4.4 = 48.4 $
After 3rd year: 48.4 (deposit) + 48.4/10 (interest) = 48.4 + 4.84 = 53.24 $

Michael deposited $40 in a savings account earning 10% interest, compounded annually. To the nearest cent, how much will he have in 3 years?

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