SOLUTION: You put $500 in an account that earns 4% annual interest. The interest earned each year is added to the principal to create a new principal. Find the total amount in your account a
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Question 1021501: You put $500 in an account that earns 4% annual interest. The interest earned each year is added to the principal to create a new principal. Find the total amount in your account after each year for 3 years.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
After 1st year:
After 2nd year:
This is a little tricky: factor out
( hope you can see it )
This is:
--------------------
So, the rule is:
is the amount saved after yrs
------------------
Use calculator
$562.43 after 3 yrs
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