The savings account is an illustration of compound interest and the future amount is $860
How to determine the future amount?
The given parameters are:
Principal, P = 600
Rate, r = 12%
Time, t = 3
The equation of the future amount is given as:
[tex]A = Pe^{rt}[/tex]
So, we have:
[tex]A = 600 * e^{15\% * 3}[/tex]
Evaluate
A = 859.997648736
Approximate
A = 860
Hence, the future amount is $860
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