contestada

You deposit $500 every year into a bank paying 3.5% compound interest per year. How much would your investment be worth at the end of 3 years?

Respuesta :

Answer:

$552.5

Step-by-step explanation:

Lets use the I=PRT formula

Where

I=interest

P=principal(500)

R=rate(0.035)

And

T=time(3)

So

I=500*0.035*3

I=52.5

We need to add the interest and the principal to get the total amount

52.5+500=552.5