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19 July, 20:35

Suppose that

$8500

is placed in an account that pays

11%

interest compounded each year. Assume that no withdrawals are made from the account.

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Answers (1)
  1. 19 July, 20:49
    0
    You can use the equation P (1 + (n/t)) ^ (n) to find the amount after time (t), given the starting amount (P) and the number of times compounded (n)
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