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A $6,300.00 principle earns 6% interest, compounded annually. After 3 years, what is the balance in the amount? A. $1,360,800.00 B. $7,503.40 C. $7,434.00 D. $25,804.80

A $6,300.00 principle earns 6% interest, compounded annually. After 3 years, what is the balance in the amount? A. $1,360,800.00 B. $7,503.40 C. $7,434.00 D. $25,804.80
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A $6,300.00 principle earns 6% interest, compounded annually. After 3 years, what is the balance in the amount?

A. $1,360,800.00
B. $7,503.40
C. $7,434.00
D. $25,804.80

asked
User Orlene
by
8.4k points

2 Answers

3 votes

I believe that the answer would be option B- $7,503.40

I hope this helps!

answered
User Janine
by
7.7k points
4 votes
heres your answer amount = 6300(1.06)^3
= 7503.40
answered
User TheFallenOne
by
8.4k points
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