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14 January, 06:27

Suppose that $30000 is invested at 7% interest. Find the amount of money in the account after 8 years if the interest is compounded annually

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  1. 14 January, 06:48
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    A=30,000 (1+.07/1) ^8*1

    Final amount = Principal (1+rate/times compounded in a year) ^years to grow*times compounded in a year

    Answer = 51,545.59
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