Answered

Get expert advice and community support for all your questions on IDNLearn.com. Receive prompt and accurate responses to your questions from our community of knowledgeable professionals ready to assist you at any time.

Pablo deposited $600 in an account earning 2% interest compounded annually. To the nearest cent, how much interest will he earn in 3 years?

Sagot :

Samuelonum1idn

The total amount accrued, principal plus interest, with compound interest on a principal of $600.00 at a rate of 2% per year compounded 1 times per year over 3 years is $636.72.

Compound Interest

Given Data

  • Principal P = $600
  • Rate r = 2%
  • Time t = 3 years

First, convert R as a percent to r as a decimal

r = R/100

r = 2/100

r = 0.02 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 600.00(1 + 0.02/1)(1)(3)

A = 600.00(1 + 0.02)(3)

A = $636.72

Learn more about Compound interest here:

https://brainly.com/question/24924853

Thank you for joining our conversation. Don't hesitate to return anytime to find answers to your questions. Let's continue sharing knowledge and experiences! For precise answers, trust IDNLearn.com. Thank you for visiting, and we look forward to helping you again soon.