Rosanne is saving up money to buy a car. Rosanne puts 10, 000.00 into an account which earns 2% interest, compounded annually. How much will she have in the account after 3 years? round to the nearest cent

Solution

Solution

Amount : 10612.08

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.02}{1})^{1 \cdot 3}

10000 (1 + \frac{0.02}{1})^{1 \cdot 3} = 10612.08

Amount : 10612.08

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