Matthew invested $2,000 in a compound interest account for 3 years. The interest rate was 5%. How much money would it be in the end of third

Question

Matthew invested $2,000 in a compound interest account for 3 years. The interest rate was 5%. How much money would it be in the end of third year in Mattew’s account?

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Cherry 3 weeks 2021-08-25T19:14:04+00:00 1 Answers 0 views 0

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    2021-08-25T19:15:09+00:00

    Answer:

    $2,315.25

    Step-by-step explanation:

    2000 x 0.05 = 100

    2000 + 100 = 2100

    After year one: 2100

    2100 x 0.05 = 105

    2100 + 105 = 2205

    After year two: 2205

    2205 x 0.05 = 110.25

    2205 + 110.25 = 2315.25

    After year three: 2315.25

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