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27 September, 14:02

You start a bank account with $100, that has an annual rate of 4%. Find the balance in the account at 12 years if there are no deposits or withdrawals

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  1. 27 September, 14:19
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    If it is not compounded continuously then it is ...

    origianal amount (1+rate) ^time

    100 (1+.04) ^12

    100 (1.04) ^12

    100 (1.60103221857)

    160.103221857

    $160.10
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