into a bank account or CD (certificate of deposit) is given by ntnrPA⎟⎠⎞⎜⎝⎛+=1 A is the amount of the return. P is the principal amount initially deposited. r is the annual interest rate (expressed as a decimal). n is the number of compound periods in one year. t is the number of years.
Carry all calculations to six decimals on each intermediate step, then round the final answer to the nearest cent. Suppose you deposit $2,000 for 5 years at a rate of 8%.
a) Calculate the return (A) if the bank compounds annually (n = 1). Round your answer to the nearest cent.
Answer:
Use ^ to indicate the powe

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