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27 January, 16:43

Roman saves $500 each year in account earning interest at an account earning interest at an annual rate of 4% compounded annually. How much interest will the account earn at the end of each of the first 3 years?

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  1. 27 January, 17:59
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    500 x (1.04) ^3=562.432

    562.432-500 = 62.432

    62.432 / 3 = 20.8106
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