Question

Suppose that $3000 is placed in an account that pays 17% interest compounded each year. Assume that no withdrawals are made from the account. Follow the instructions below. Do not do any rounding. (a) Find the amount in the account at the end of 1 year. (b) Find the amount in the account at the end of 2 years.​

Answer 1

After one year the balance in the account will be 3510. after two years the balance will be 4020

Explanation: