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9 March, 08:36

Carolina has $5,000 saved up from working at different jobs. She puts her money in a savings account that pays 4 percent a year in interest. How much will she be in her account at the end of the first year at the end of the second year?

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  1. 9 March, 09:01
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    The first year would be $5200.

    Find 4℅ of $5000 and add it to the 5000

    Next year $5208.

    same 4% of 5200 now then add it to 5200

    OR

    get the formula for compound interest work it out.
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