If you deposit $500 in a bank account that earns 6 percent per year, how much...
If you deposit $500 in a bank account that earns 6 percent per
year, how much total interest will you have earned after the third
year? (Do not round intermediate calculations. Round your
answer to 2 decimal places. (e.g., 32.16))
Homework Answers
PV = $500
t = 3 years
r = 6% p.a.
FV = PV*(1+r)^t = 500*1.06^3
FV = $595.51
Total interest earned = FV-PV = 595.51 - 500 = $95.51
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