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OpenStudy (anonymous):
what is the final balance? 1200 for 3 years at 3% compounded annually
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jimthompson5910 (jim_thompson5910):
Use the formula A = P*(1+r/n)^(n*t)
jimthompson5910 (jim_thompson5910):
In this case P = 1200 (amount deposited) r = 0.03 (interest rate as a decimal) n = 1 (compounding 1 time per year) t = 3 (number of years)
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