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Martha opened a savings account and deposited 400.00 the account earns 1%interest compounded annually what is the balance after 3 years

Sagot :

p = 400.00

r = 1% = 1/100 = 0.01

t = 3 years

Therefore,

[tex]\begin{gathered} Amount=p(1+\frac{r}{n})^{nt} \\ \text{Amount}=400(1+\frac{0.01}{1})^{1\times3} \\ \text{Amount}=400\times1.030301 \\ \text{Amount}=\text{ \$}412.1204 \\ \text{Amount}=\text{ \$412.12} \end{gathered}[/tex]

After three years the amount will be = $412.12

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