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March 25, 2017

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If $8,500 is deposited in a compound interest account paying 3.9% interest annually, how much will be in the account after 12 years?

  • algebra - ,

    Pt = Po(1+r)^n.

    r = 3.9% / 100% = 0.039=APR expressed
    as a decimal.

    n = 1comp/yr * 12yrs.=12 Compounding
    periods.

    Pt = 8500(1.039)^12 = $13,452.58.

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