michaellowe1981 michaellowe1981

22-06-2021
Business

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Otto invests $ 600 in an account that pays 7.3 % interest compounded annually. How much is in Otto's account after 3 years

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ewomazinoade ewomazinoade

24-06-2021

Answer:

$741.23

Explanation:

The formula for calculating future value:

FV = P (1 + r)^n

FV = Future value

P = Present value

R = interest rate

N = number of years

600(1.073)^3 = $741.23

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