Tom leaves a deposit of a $420 savings account for three years. The ac

1.	Tom leaves a deposit of a $420 savings account for three years. The account came to 4.5% interest per year.How much interest is earned in three years?How much does the deposit amount to after three years?
Answer» Me again!! :) INITIAL amount * interest RATE ^ years So: 420 * 1.045^3 = $479.29 $59.29 has been EARNED and there is $479.29 in the account

Tom leaves a deposit of a $420 savings account for three years. The account came to 4.5% interest per year.How much interest is earned in three years?How much does the deposit amount to after three years?

Answer»

Me again!! :)

INITIAL amount * interest RATE ^ years

So: 420 * 1.045^3

= $479.29

$59.29 has been EARNED and there is $479.29 in the account

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Tom leaves a deposit of a $420 savings account for three years. The account came to 4.5% interest per year.How much interest is earned in three years?How much does the deposit amount to after three years?

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