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9 July, 15:21

Colin received a bonus check for 2,500. He is going to deposit the money into his bank account that receives 5.5% compounded annually. What is Colin's account balance after 5 years?

A. $2,637.50

B. $6,327.50

C. $3,267.40

D. None of these choices

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Answers (1)
  1. 9 July, 19:04
    0
    Amount = 2500 (1 + 0.055) ^5 = $3267.40

    C
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