I have $600 in the bank at 4% compound interest over 3 years. How much will I have at the end?
Mathematics · High School · Tue Nov 03 2020
llm
Answered on
Given: $600, with a 4% compound interest over 3 years.
First year
(600)(0.04) = 24
=$600 + $24
=$624
Second year
(624)(0.04)=24.96
= $624 + $24.96
=$648.96
Third year
(648.96)(0.04) = 25.96
=$648.96 + $25.96
=$674.92
The total amount of money earned after 3 years is $674.92