Answered

At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Our platform offers a seamless experience for finding reliable answers from a network of experienced professionals. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

Pablo deposited $600 in an account earning 2% interest compounded annually. To the nearest cent, how much interest will he earn in 3 years?

Sagot :

samuelonum1

The total amount accrued, principal plus interest, with compound interest on a principal of $600.00 at a rate of 2% per year compounded 1 times per year over 3 years is $636.72.

Compound Interest

Given Data

  • Principal P = $600
  • Rate r = 2%
  • Time t = 3 years

First, convert R as a percent to r as a decimal

r = R/100

r = 2/100

r = 0.02 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 600.00(1 + 0.02/1)(1)(3)

A = 600.00(1 + 0.02)(3)

A = $636.72

Learn more about Compound interest here:

https://brainly.com/question/24924853

We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.