an amount of \$1,000 is deposited into a bank account that pays 4% interest compounded once a year. if there are no other withdrawals or deposits, what will be the balance of the account after 3 years

Soluzione

an amount of $1, 000 is deposited into a bank account that pays 4% interest compounded once a year. if there are no other withdrawals or deposits, what will be the balance of the account after 3 years

Soluzione

Amount : 1124.864

Fasi della soluzione

Translate the problem into an equation:

A = 1000 (1 + \frac{0.04}{1})^{1 \cdot 3}

1000 (1 + \frac{0.04}{1})^{1 \cdot 3} = 1124.864

Amount : 1124.864

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