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12 March, 09:52

Suppose you deposit $2,000 in a savings account that pays interest at an annual rate of 6%. if no money is added or withdrawn from the account, what will the amount be after 4 years?

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  1. 12 March, 10:19
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    Total = Principal * (1 + rate) ^years

    Total = 2,000 * (1.06) ^4

    Total = 2,000 * 1.26247696

    Total = 2,524.95
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