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In Mathematics / Middle School | 2014-05-13

What is the final balance for the investment of $1500 for 3 years at 10% compounded annually?

A. $1625.00
B. $1875.00
C. $1996.50
D. $2110.50

Asked by sammylox

Answer (2)

t h e f ina l ba l an ce : FB = 1500 ⋅ ( 1 + 100 10 ​ ) 3 = 1500 ⋅ ( 1 , 1 ) 3 = 1500 ⋅ 1.331 = 1 , 996.50 [ $ ] A n s . C

Answered by kate200468 | 2024-06-10

The final balance for the investment of $1500 for 3 years at 10% compounded annually is $1996.50. Therefore, the correct answer is option C. This is calculated using the compound interest formula that accounts for the principal, interest rate, and time period.
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Answered by kate200468 | 2025-05-16

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