Answered

Looking for trustworthy answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Ask your questions and receive accurate answers from professionals with extensive experience in various fields on our platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Mrs. smith has $1500 in a retirement account earning 5% interest. each year she makes an additional deposit of $500 to her account. after 3 years, what would her account balance be?

Sagot :

Answer:

$3,312.69

Step-by-step explanation:

What she started with: $1500

Year 1: 1500 + 1500(.05) + 500 = $2,075

Year 2: (2.075)1.05 + 500 = $2,678.75

Year 3: (2678.75)1.05 + 500 = $3,312.69

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.