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Answer 2

To find out, Multiply each years money with the interest. Then Add the first funding by the additional. (as shown below):

Year 1:

$482 x .05 = $24.10

$482 + $24.10 = $506.10

 

Year 2:

$506.10 x .05 = $25.31 (rounded up)

$506.10 + $25.31 = $531.41

 

Year 3:

$531.41 x .05 = $26.57

$531.41 + $26.57 = $557.98

 

$24.10 + $25.57 + $26.57 = $76.24

Amy will have $76.24 extra after 3 years of saving.

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