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26 April, 06:35

How much would $500 invested at 8% interest compounded annually be

worth after 4 years? Round your answer to the nearest cent.

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Answers (1)
  1. 26 April, 09:20
    0
    The answer is $680.24

    Here is the work:

    A (4) = 500 (1 + (0.08/1)) ^ (1*4)

    A (4) = 500 (1.08) ^4

    A (4) = $680.24
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