anonymous
  • anonymous
You invest $2,000 in an account that has an annual interest rate of 3.2%, com pounded annually. How much money will be in the account after 12 years?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
I think it's 2,768 but I'm not sure..
anonymous
  • anonymous
Let say you have A dollars in the account. After one year you will have A*103.2/100 dollars. Now your money is A*103.2/100. After one year later you will have (A*103.2/100)*(103.2/100) dollars. So your money will be A*(103.2/100)^n after n years. So answer is 2000*(103.2/100)^12= 2918.68 dollars.
anonymous
  • anonymous
Ohh. That makes much more sense. Thanks!

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anonymous
  • anonymous
You're welcome

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