An investor puts $500 in an account that pays 3% interest compounded annually. Find the account balance after 6 years.

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asked Oct 22, 2017 218k views

1 Answer

Dddsnn · Answer 1 · 2017-10-28T18:18:13+0000

Use the formula A=Asub0(1+/-intrest)^time for compounded annually. In this case it would be A=500(1+.03)^6. Hope this helps!