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math

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Suppose that $20000 is invested at 7% interest compounded annually. Find that amount of money in the account after 1 year?

need it broken down in algebra

  • math -

    check your compound interest formula:

    A = P(1+r/n)^(nt)
    A = 20000 (1 + 0.07/1)^(1*1) = 1400

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