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Cookie_009
Group Title
Don put $3,000 in a savings account with an interest rate of 3% for three years. If the interest is compounded annually, how much money will he have at the end of the three years?
A. $3,378.18
B. $6,591.00
C. $3,182.70
D. $3,278.18
 one year ago
 one year ago
Cookie_009 Group Title
Don put $3,000 in a savings account with an interest rate of 3% for three years. If the interest is compounded annually, how much money will he have at the end of the three years? A. $3,378.18 B. $6,591.00 C. $3,182.70 D. $3,278.18
 one year ago
 one year ago

This Question is Closed

tcarroll010 Group TitleBest ResponseYou've already chosen the best response.1
(3000)(1.03)(1.03)(1.03) = (3000)(1.03)^3 = (3000)(1.092727)
 one year ago

Cookie_009 Group TitleBest ResponseYou've already chosen the best response.0
wich one is it
 one year ago

tcarroll010 Group TitleBest ResponseYou've already chosen the best response.1
The "1.03" factors come into play because it is "1" plus "3%" because you have the principal plus the interest after each year. To get the answer, all you have to do is do that last multiplication. Don't worry, I checked, and the answer will be among the choices.
 one year ago

Cookie_009 Group TitleBest ResponseYou've already chosen the best response.0
is it D
 one year ago

tcarroll010 Group TitleBest ResponseYou've already chosen the best response.1
Yes! Good job!
 one year ago

tcarroll010 Group TitleBest ResponseYou've already chosen the best response.1
Good luck to you in all of your studies and thx for the recognition! @Cookie_009
 one year ago
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