Pedro opened a savings account and deposited 500.00 as principal. The account earns 12% interest, compounded annually. What is the balance after 3 years?

Solution

Solution

Amount : 702.464

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.12}{1})^{1 \cdot 3}

500 (1 + \frac{0.12}{1})^{1 \cdot 3} = 702.464

Amount : 702.464

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