Lyndsay puts $1,000.00 into a savings account that pays 3% interest, compounded annually. As the interest is earned, she leaves it in her account. At the end of the third year, what is her balance? a. $1,030.00 b. $1,090.00 c. $1,095.95 d. $1,092.73
Lyndsay puts $1,000.00 into a savings account that pays 3% interest, compounded annually. As the interest is earned, she leaves it in her account. At the end of the third year, what is her balance? a. $1,030.00 b. $1,090.00 c. $1,095.95 d. $1,092.73
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Lyndsay puts $1,000.00 into a savings account that pays 3% interest, compounded annually. As the interest is earned, she leaves it in her account. At the end of the third year, what is her balance?
a. $1,030.00
b. $1,090.00
c. $1,095.95
d. $1,092.73
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