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Spencer deposited 10 in an account earning 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?

Solution

Spencer deposited 10 in an account earning 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?

Solution

Amount : 11.58

Solution steps

Translate the problem into an equation:

A = 10 (1 + \frac{0.05}{1})^{1 \cdot 3}

10 (1 + \frac{0.05}{1})^{1 \cdot 3} = 11.57625

Round to the nearest hundredth:

11.58

Amount : 11.58

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