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You deposit $400 in an account that earns 6% compounded annually (once per year). What is the balance in your account after 5 years? Round your answer to the nearest cent.
 2 years ago
 2 years ago
You deposit $400 in an account that earns 6% compounded annually (once per year). What is the balance in your account after 5 years? Round your answer to the nearest cent.
 2 years ago
 2 years ago

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MrYanthoBest ResponseYou've already chosen the best response.0
Use the compound interest formula: \[A=P(1+i)^n\] \[A=400(1+0.06)^5\]
 2 years ago
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