# math

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If \$7,800 is deposited into an account paying 6% interest compounded annually (at the end of each year), how much money is in the account after 2 years?

• math -

\$7,800 * 0.06 = \$468
\$7,800 + 468 = \$8,268

\$8,268 * 0.06 = \$496.08
\$8,268 + 496.08 = ?

• math -

X = 7800 (1 + .06)(1 +.06)

X = future value = Current value times (1 + interest rate) to the power of how many times the interest is calculated.

I hope this helps. Thanks for asking.

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