Youstart an account wilh $$ \$ 500 $$ and an interest rate much is in the account after 3 years? $$ f(x)=500(1+0.06)^{3}= $$

Question

UpStudy AI · Accepted Answer

Calculate or simplify the expression $$ 500(1+0.06)^{3} $$.
Calculate the value by following steps:
- step0: Calculate:
  $$500\left(1+0.06ight)^{3}$$
- step1: Add the numbers:
  $$500	imes 1.06^{3}$$
- step2: Convert the expressions:
  $$500\left(\frac{53}{50}ight)^{3}$$
- step3: Simplify:
  $$500	imes \frac{53^{3}}{50^{3}}$$
- step4: Rewrite the expression:
  $$50	imes 10	imes \frac{53^{3}}{50^{3}}$$
- step5: Reduce the numbers:
  $$10	imes \frac{53^{3}}{50^{2}}$$
- step6: Rewrite the expression:
  $$10	imes \frac{53^{3}}{10^{2}	imes 5^{2}}$$
- step7: Reduce the numbers:
  $$1	imes \frac{53^{3}}{10	imes 5^{2}}$$
- step8: Multiply:
  $$\frac{53^{3}}{250}$$
The amount in the account after 3 years is $595.508.
The amount in the account after 3 years is $595.51.

Youstart an account wilh \( \$ 500 \) and an interest rate much is in the account after 3 years? \( f(x)=500(1+0.06)^{3}= \)

Upstudy AI Solution

Answer

Solution

Extra Insights

Related Questions

Latest Arithmetic Questions