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August 30, 2014

August 30, 2014

Posted by **christopher** on Tuesday, September 17, 2013 at 9:55pm.

- word problem -
**Reiny**, Tuesday, September 17, 2013 at 10:06pmIf the interest is compounded annually, why would you divide .02 by 365 ?

That would make it " compounded daily".

According to your first sentence ....

amount = 1000(1.02)^20 = $1485.95

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