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Mathematics, 16.10.2020 08:01 laniyasontee
Each year a certain amount of money is deposited in an account which pays an annual interest rate of r so that at the end of each year the balance in the account is multiplied by a growth factor of x=1+r. $500 is deposited at the start of the first year, an additional $200 is deposited at the start of the next year, and $600 at the start of the following year. What is the amount (to the nearest cent) in the account at the end of three years if the interest rate is 2%?
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