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Math 115

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If $9,000.00 is deposited into an account paying 4% interest compounded annually (at the end of each year), how much money is in the account after 5 years? (Round to the nearest cent.)

  • Math 115 - ,

    direct application of the compound interest formula
    Amount = Principal(1 + i)^n

    here Principal = 9000
    i = .04
    n = 5

    the rest is button-pushing.

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