shyshy1021 shyshy1021

28-03-2018
Mathematics

contestada

Suppose that $30000 is invested at 7% interest. Find the amount of money in the account after 8 years if the interest is compounded annually

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jakesorrell3 jakesorrell3

28-03-2018

A=30,000(1+.07/1)^8*1
Final amount = Principal(1+rate/times compounded in a year)^years to grow*times compounded in a year
Answer = 51,545.59

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