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Mathematics, 01.07.2020 21:01 SmokeyRN
A customer deposits $500 in an account that pays 4% annual interest. What is the balance after 3 years if the interest is
compounded annually?
Compound interest formula: V(t) =P(1+r/n)^nt
t = years since initial deposit
n= number of times compounded per year
r= annual interest rate (as a decimal)
P= initial (principa) investment
V(t) = value of investment after t years
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A customer deposits $500 in an account that pays 4% annual interest. What is the balance after 3 yea...
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