Samantha invested $10,000 in an account paying 5% interest. after 3 years, the account balance was $11,576.25. Interest in this account was compounded annually.

Name: Samantha invested $10,000 in an account paying 5% interest. after 3 years, the account balance was $11,576.25. Interest in this account was compounded annually.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The account balance after 3 years is $11,576.25, which is equal to $10,000 * (1 + 0.05)^3. This means that the interest was compounded annually.

Samantha Invested $10,000 in an Account Paying 5% Interest