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Compund Interest

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Bobby needs to save $10,000 for school in the next two years. He found a bank that offers a 10% interest rate compounded annually. What does he need to deposit at the beginning of the year to have enough money for school?

  • Compund Interest -

    x(1.10)^2 = 10000
    x = 10000/1.1^2 = 8264.46

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