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TheDumDum
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$25,000 is invested at 4% compounded annually for 7 years, find the current balance in the bank account based on the given conditions
 one year ago
 one year ago
TheDumDum Group Title
$25,000 is invested at 4% compounded annually for 7 years, find the current balance in the bank account based on the given conditions
 one year ago
 one year ago

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TheDumDum Group TitleBest ResponseYou've already chosen the best response.0
its for liberal arts
 one year ago

zepdrix Group TitleBest ResponseYou've already chosen the best response.0
The formula for finding compound interest is as follows,\[\large A=P\left(1+\frac{r}{n}\right)^{nt}\] They gave us this information, ~our `principle amount` \(P\) is $25,000. ~the `rate of compounding` \(r\) is 4%, or as a decimal, 0.04. ~the `time period` \(t\) is 7 years. ~the `number of compoundings per period` \(n\) is 1 (since it's compounded anually). So we just plug these values in and solve for \(A\)! :)
 one year ago

zepdrix Group TitleBest ResponseYou've already chosen the best response.0
\[\large A=25000\left(1+\frac{0.04}{1}\right)^{1\times7}\]
 one year ago

zepdrix Group TitleBest ResponseYou've already chosen the best response.0
You'll want to use your calculator to simplify that down. Lemme know if it's too complicated :D
 one year ago
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