Acustomer deposits $500 in an account that pays 4% annual interest. what is the balance after 3 years if the interest is compounded annually? compound interest formula: mc017-1.jpg t = years since initial deposit n = number of times compounded per year r = annual interest rate (as a decimal)

The balance after 3 years if the interest is compounded annually is $562.432.

Step-by-step explanation:

Given : A customer deposits $500 in an account that pays 4% annual interest.

To find : What is the balance after 3 years if the interest is compounded annually?

Solution :

The compound interest formula,

Where, A is the amount

P is the principal P=$500

r is the interest rate r=4%=0.04

t is the time t=3 years

n is number of times compounded per year n=1

Substitute the value in the formula,

Therefore, the balance after 3 years if the interest is compounded annually is $562.432.

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