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Peter deposited $5000 in a bank paying 5% interest compounded yearly. Find the balance in his account after 3 years.

Peter deposited $5000 in a bank paying 5% interest compounded yearly. Find the balance in his account after 3 years.
asked 196k views
5 votes
Peter deposited $5000 in a bank paying 5% interest compounded yearly. Find the balance in his account after 3 years.

asked
User Pocza
by
7.6k points

1 Answer

4 votes

Answer:

5750

Explanation:


(5)/(100)×5000=250

250×3=750

5000+750=5750

answered
User Scott Jibben
by
8.4k points
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