Engage with knowledgeable experts and get accurate answers on IDNLearn.com. Get the information you need from our experts, who provide reliable and detailed answers to all your questions.

Mrs. smith has $1500 in a retirement account earning 5% interest. each year she makes an additional deposit of $500 to her account. after 3 years, what would her account balance be?

Sagot :

Answer:

$3,312.69

Step-by-step explanation:

What she started with: $1500

Year 1: 1500 + 1500(.05) + 500 = $2,075

Year 2: (2.075)1.05 + 500 = $2,678.75

Year 3: (2678.75)1.05 + 500 = $3,312.69

Your presence in our community is highly appreciated. Keep sharing your insights and solutions. Together, we can build a rich and valuable knowledge resource for everyone. Your questions are important to us at IDNLearn.com. Thanks for stopping by, and come back for more reliable solutions.