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March 30, 2017

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Find the ending balance in an account that opens with $5,000, earns 7.5% interest compounded quarterly, and is held for 20 years. (Round your answer to the nearest cent.)

  • ALGEBRA - ,

    i = .075/4 = .01875
    n = 20(4) = 80 quarters

    amount = 5000(1.01875)^80
    = ....

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