Suppose Greg places 3000 in an account that pays 18% interest compounded each year.Assume that no withdrawals are made from the account. find the amount after 1 year

Solution

Solution

Amount : 3540

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.18}{1})^{1 \cdot 1}

3000 (1 + \frac{0.18}{1})^{1 \cdot 1} = 3540

Amount : 3540

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