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18 October, 11:00

Suppose your friend's parents invest $20,000 in an account paying 5% interest compounded annually. What will the balance be after 10yr?

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  1. 18 October, 11:23
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    Answer: $32,577.90

    A = P (1 + r/n) ^nt

    P = 20000

    R =.05

    n = 1

    t = 10
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