Shelby opened a savings account and deposited 600.00 as principal. The account earns 8% interest, compounded annually. What is the balance after 3 years?Round your answer to the nearest cent.

Solution

Solution

Amount : 755.83

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.08}{1})^{1 \cdot 3}

600 (1 + \frac{0.08}{1})^{1 \cdot 3} = 755.8272

Round to the nearest hundredth:

755.83

Amount : 755.83

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