HELP!!!!
At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annually. The total amount that Molly will have in her account at the end of 3 years is $

Question

HELP!!!!
At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annually. The total amount that Molly will have in her account at the end of 3 years is $

anonymous · Answer

do you have any options of multiple choice?

anonymous · Answer

no its a text box @tylermcmullen23

anonymous · Answer

oh ok. first, do you know what kind of equation to set up to be able to solve the problem?

anonymous · Answer

no

anonymous · Answer

ok

anonymous · Answer

the equation set up would be 200(1+.20)^3

anonymous · Answer

first add 1+.20=1.20

do (1.20)^3 which is 1.728

and then multiply the remaining 200 by that to get 345.60