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30 May, 14:13

Find the balance in the account. $800 principal earning 7%, compounded annually, after 4 years

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Answers (2)
  1. 30 May, 14:27
    0
    Use the compound amount formula: A = P (1+r) ^t

    Here,

    A = $800 (1+0.07) ^4 = $800 (1.31) = $1048.64 (rounded off to the nearest cent)
  2. 30 May, 14:40
    0
    800 * (1.07) ^ (4) = 1,048.63
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