nikkijefferson01 nikkijefferson01
  • 24-01-2024
  • Mathematics
contestada

if you deposit $500 at the end of the year for 3 years into an annuity that pays 5% annual simple interest. what is the value at the end of every year?​

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AlyseSK
AlyseSK AlyseSK
  • 24-01-2024

Answer:

The value at the end of every year is $525

Step-by-step explanation:

1. Calculate the interest earned in the first year: 5% of $500 =$25. Add the deposit to the interest: $500 +$25 = $525.

2. Calculate the interest earned in the second year: 5% of$500 = $25. Add the deposit to the interest:$500 + $25 =$525.

3. Calculate the interest earned in the third year: 5% of $500 =$25. Add the deposit to the interest: $500 +$25 = $525.

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