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21 December, 01:57

Find the balance on a deposit of $1,150 that earns 9% interest compounded annually for 2 years

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  1. 21 December, 03:30
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    P = 1150, r = 9% = 0.09 per year, n = 2 years.

    A = P (1 + r) ⁿ

    A = 1150 (1 + 0.09) ²

    A ≈ 1150 (1.09) ² ≈ 1366.32

    Amount ≈ $ 1366.32
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