Mathematics
Roeschley134
23

At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annually. The total amount that Molly will have in her account at the end of 3 years is

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(2) Answers
xirow

1440 is your answer ,i think its wrong tho.

Llama11

Formula for amount for compound interest: A = P(1 + r/100)ⁿ Where A = Amount,  P = Principal, R = Rate per annum, n = number of years A = 200( 1 + 20/100)³ A = 200 (1 + 0.2)³ A = 200*(1.2)³      Use a calculator A = 345.6  Amount at the end of 3 years compounded annually is $345.60

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