Question

At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annually. The total amount that Molly will have in her account at the end of 3 years is $ . NextReset

Answer 1

Hi, thank you for posting your question here at Brainly. To solve this problem, use this formula: F = P(1+i)^n, where F is the future worth, P is the present worth, i is the annual interest and n is the number of years. Substituting the values,

F = $200 (1+0.2)^3
F = $345.6

The answer is $345.6.