A customer makes a deposit of $3,000 into a new bank account. The interest is compounded yearly with an interest rate of 2%. Which amounts are closest to the total interest earned at the end of Year 1 and at the end of Year 3 if no additional deposits or withdrawals are made? Select TWO correct answers. $60 $600 $180 $184 A ¹

Q: You deposit $4000 each year into an account earning 5% interest compounded annually. How much will…

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Q: you deposit $5000 in an account earning 3% interest compounded monthly. how much will you have in…

A: We have given,

Q: Round to the nearest tenth of a year. years

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Q: Gilberto opened a savings account for his daughter and deposited $700 on the day she was born. Each…

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Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000           interest  rate (R)=2%= 2/100 =0.02     (for compounded monthly…

Q: You deposit $5000 each year into an account earning 7% interest compounded annually. How much will…

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Q: Jesaki Bank offers a 10-year CD that earns 2.3% compounded continuously.

A: Therefore, it will take almost 4.6 years for the amount to be worth $11,115.Explanation:Step 1: Step…

Q: $5000 is invested at 4% interest compounded monthly. Find the account balance after 5 years, to the…

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Q: $1600 is deposited into an account for which interest is compounded annually. The value of the…

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Q: You deposit $400 in an account earning 3% interest compounded annually.  How much will you have in…

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