SOLUTION: Tyler has $50 in a savings account that earns 5% interest, compounded annually. To the nearest cent, how much will he have in 3 years?

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Question 1027139: Tyler has $50 in a savings account that earns 5% interest, compounded annually. To the nearest cent, how much will he have in 3 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Tyler has $50 in a savings account that earns 5% interest, compounded annually. To the nearest cent, how much will he have in 3 years?
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A(t) = P(1+(r/n))^(n*t)
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A(3) = 50(1+(0.05/1))^(1*3)
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A(3) = 50(1+0.05)^3 = $57.88
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Cheers,
Stan H.
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