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  • 4 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.

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  1. MrYantho
    • 4 years ago
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    Use the compound interest formula: \[A=P(1+i)^n\] \[A=400(1+0.06)^5\]

  2. MrYantho
    • 4 years ago
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    $535.29

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