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12 September, 00:52

How much money will be in a bank account after 9 years if $7 is deposited at an interest rate of 5% compounded annually?

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  1. 12 September, 00:59
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    The formula is

    A=p (1+r) ^t

    A future value?

    P present value 7

    R interest rate 0.05

    T time 9 years

    A=7 * (1+0.05) ^ (9)

    A=10.86
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