If you were to invest $400 at 3% interest compounded annually or each year, what would be your balance at the end of the first year?

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.S: Summary
Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?
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If you were to invest $400 at 3% interest compounded annually or each year, what would be your balance at the end of the first year?

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