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

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

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