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  • 23-03-2018
  • Mathematics
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Dan deposits $2,500 in an account that earns an interest rate of 4% compounded annually. What is the balance in the account at the end of 10 years? A) $2,800.45 B) $3,112.85 C) $3,700.61 D) $3,935.58

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sqdancefan
sqdancefan sqdancefan
  • 25-03-2018
A = P*(1 +r)^t
  = 2500*(1.04)^10
  ≈ 3700.61 . . . . . . . . . . . . matches C
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