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13 May, 15:19

What is the final amount of $70.00 that is put into a savings account with 16% interest rate for 25 years, if the interest is compounded 4 times per year?

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  1. 13 May, 15:25
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    PV * (1 + r/n) ∧nt = FV

    $70.00 * (1 +.16/4) ∧4X25 = FV

    $70.00 * (1 +.04) ∧100 = FV

    $70.00 * 50.50 = FV

    $3535 = FV

    The final amount is $3535
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