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23 November, 16:26

A yearly contribution of 1600 is deposit into an interest-bearing account. If the account has 5.1% interest rate and compound annually, what will be the total amount in the account after 6 years

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  1. 23 November, 16:39
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    The formula is

    A=p (1+r) ^t

    A future value?

    P present value 1600

    R interest rate 0.051

    T time 6 years

    A=1,600 * (1+0.051) ^ (6)

    A=2,156.43
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