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MATH HELP

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$1000 invested at an APR of 9% for 9 years. If interest is compounded annually, what is the amount of money after nine years?

  • MATH HELP -

    P = Po(1+r)^n.

    r = 0.09 = APR expressed as a decimal.

    n = 1Comp./yr * 9yes = 9 Compounding periods.

    Plug the above values into the given Eq
    and solve for P.

    Answer: P = $2171.89

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