Smithville Bank is offering each of its customers a record 3.4% p.a. interest on new savings account compounding annually. If Mr. Thomas opens an account with $1, 500, how much interest will he earn in 3 years?

COMPOUND INTEREST

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Smithville Bank is offering each of it’s customers a record 3.4% p.a. interest on new savings account compounding annually. If Mr. Thomas opens an account with $1, 500, how much interest will he earn in 3 years?

A	$153.00
B	$158.26
C	$1653.00
D	$1658.26

Explanation:

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ECONOMICS (CBSE/UGC NET)

ECONOMICS

COMPOUND INTEREST