nickmontano
Answered

Welcome to Westonci.ca, where your questions are met with accurate answers from a community of experts and enthusiasts. Join our platform to connect with experts ready to provide detailed answers to your questions in various areas. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

Don put $3,000 in a savings account with an interest rate of 5% for three years. If the interest is compounded annually, how much money will he have at the end of the three years?

Sagot :

apologiabiology
compounded anually means
if you put x in at y percent then 
you calculate like this
if you put in x at y percent then  the money you earn is
x +(x times y)=z=first year
second year=z+(z times y)=s
third year=s+(s times y)=t

percent means parts out of 100 so 5%=5/100=0.05
'of' can be translated as multiply
so

3000 +(3000 times 0.05)=3150=fisrt year
3150+(3150 times 0.05)=3307.5=second year
3307.5 +(3307.5 times 0.05)=3472.88=tird year

he will have 3472.88  at end of 3 years

Answer:

lm sorry l dont know

Step-by-step explanation:

Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.