Jorge deposited $1,000 into an account three years ago. The first two years he earned 5...
Jorge deposited $1,000 into an account three years ago. The first two years he earned 5 percent interest; the third year he earned 6 percent interest. How much money does Jorge have in his account today?
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Homework Answers
Answer
c.
$1,168.65
Deposited money = $1000
Interest for first two years = 5%
Amount at the end of two years = $1000 + 5% + 5% = $1102.5
Interest for the third year = $1102.5 + 6% = $1168.65
Therefore Jorge have in his account today $1168.65
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