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Pablo deposited $600 in an account earning 2% interest compounded annually.To the nearest cent, how much interest will he earn in 3 years?Use the formula B=p(1+r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Pablo Deposited 600 In An Account Earning 2 Interest Compounded AnnuallyTo The Nearest Cent How Much Interest Will He Earn In 3 YearsUse The Formula Bp1rt Where class=

Sagot :

The given information is:

- The initial amount is $600

- The interest rate is 2% (compounded annually)

The given formula is:

[tex]B=p(1+r)^t[/tex]

Where B is the balance (final amount), p is the principal (starting amount), r is the interest rate as a decimal, and t is the time in years.

By replacing the known values we obtain the balance after 3 years:

[tex]\begin{gathered} B=600*(1+0.02)^3 \\ B=600(1.02)^3 \\ B=600*1.06 \\ B=636.72 \end{gathered}[/tex]

The answer is $636.72

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