ECONOMICS
COMPOUND INTEREST
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Question
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Mike deposited $70 in a savings account earning 10% interest, compounded annually.To the nearest cent, how much will he have in 3 years?Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.
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$93.00
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$93.17
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$103.17
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$113.17
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Explanation:
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