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xia-xia

  • 3 years ago

You invest $2,000 in an account that has an annual interest rate of 3.2%, compounded annually. How much money will be in the account after 12 years? Round your answer to the nearest whole number.

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  1. jabberwock
    • 3 years ago
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    The formula you use in this case is \[P=P_0(1+r)^n\]Where P0 represents the initial amount that you invest, P represents the amount you end up with, r represents the interest rate as a decimal, and n represents the number of years.

  2. jabberwock
    • 3 years ago
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    Does that give you enough to solve it?

  3. xia-xia
    • 3 years ago
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    no sorry those are the options $3201 $2989 $2919 $2845

  4. jabberwock
    • 3 years ago
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    Which variable is does the 2000 represent?

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