Mathematics, 03.06.2020 18:57 BARRION1981

A customer 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: V (t) = P (1 + StartFraction r Over n EndFraction) Superscript n t t = years since initial deposit n = number of times compounded per year r = annual interest rate (as a decimal) P = initial (principal) investment V(t) = value of investment after t years

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A customer deposits $500 in an account that pays 4% annual interest. What is the balance after 3 yea...