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:
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So, the rule is: is the amount saved after yrs
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Use calculator
$562.43 after 3 yrs
