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

You deposit $500 into an account that earns 7% interest compounded annually. what is the balance after 3 years?
asked 107k views
4 votes
you deposit $500 into an account that earns 7% interest compounded annually. what is the balance after 3 years?

asked
User Aerows
by
8.2k points

1 Answer

6 votes
Total = Principal * (1 +rate)^years
Total = 500 * 1.07^3
Total = 500 * 1.225043
Total = 612.52


answered
User Ayhan
by
8.1k points
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