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10 March, 14:46

You invest $400 in an account that pay3% interest compounded by annaully what will your balance be after 1year

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  1. 10 March, 17:50
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    CI = P[ (1 + r/100) ^n - 1]

    A = P (1 + r/100) ^n

    A = 400 (1 + 3/100) ^1

    A = 400 * 103/100 = 4*103=$ 412

    hope u understand
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