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19 December, 09:21

Bryan deposited $650 in a savings account that earns 6% interest compounded annually. If he does not deposit or withdraw any more money, how much money will there be in the account after 12 years?

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  1. 19 December, 09:38
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    A=p (1+r) ^t

    A future value

    P present value 650

    R interest rate 0.06

    T time 12 years

    A=650 * (1+0.06) ^ (12)

    A=1,307.93
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