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29 July, 00:41

George's parents are saving for his college fund. They put $5,000 into an interest bearing account with a compound interest rate of 5.5%. George's parents want to determine what the balance of his college fund account will be after 15 years. Using the formula A = P (1 + r) Superscript t, which is the correct substitution for the formula?

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  1. 29 July, 00:49
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    see below

    Step-by-step explanation:

    A = P (1 + r) ^t

    A is the amount in the account

    P is the principle or the amount invested

    r is the interest rate

    t is the time

    A = 5000 (1 +.055) ^15

    5000 (2.23247)

    Rounding to 2 decimals since we round to the nearest penny

    11162.38
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