Answered

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Juan deposits $1,500 into a savings account that pays 4.5% interest compounded annually. If Juan makes no deposits or withdrawals, how much money will be in his savings account after 3 years?

Sagot :

samuelonum1

Answer:

$1711.5

Step-by-step explanation:

Step one

given data

Principal = $1500

interest rate= 4.5% = 0.045

time = 3 years

Step two:

The compound interest expression is

[tex]A= P(1+r)^t\\\\A=1500(1+0.045)^3\\\\A=1500(1.045)^3\\\\A=1500*1.141\\\\A=1711.5[/tex]

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