Mrs. Olga’s credit card charges an interest rate of 19% compounded annually. If her current balance is $250, what will her balan
ce be after 3 years?
2 answers:
Answer:
$421.30
Yearly Componded Interest
$250 * 19% = $47.50 = $297.50 <-- Year One Balance
$297.50 * 19% = $56.53 = $354.03 <-- Year Two Balance
$354.03 * 19% = $67.27 = $421.30 <-- Year Three Balance
Answer:
$421.29
Step-by-step explanation:
$250
19%
3 years
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