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Jack is investing $3,000 into an account
with an annual compound interest rate of
3% for 30 years. Jack will not make any
| additional deposits or withdrawals. How
X much interest will he have earned at the end X
of the 30 years?
Round your answer to the closest dollar
amount.

Respuesta :

retirEEd

Answer:

Step-by-step explanation:

I think this is the equation for annual compunt interest

FV = PV(1 + int)^time        PV is present value    FV is the future value

PV + Interest  =  FV

FV - PV = Interest

                           FV                   -      PV

Interest  = [3000(1 + 0.03)^30]   -   3000

              =    3000(1.03)^30    -   3000

              =    3000(2.4272)   -   3000

              =    7281.79   -   3000

              =    $4282     to the nearest dollar    <------------    Fianl Answer

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