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14 February, 18:27

Barry's savings account has a balance of $2874. After 9 years, what will the amount of interest be at 5% compounded annually?

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Answers (2)
  1. 14 February, 20:08
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    What you need to do is take $2874 and divide the 5% and then times the 9 by what you get
  2. 14 February, 21:05
    0
    A=2,874 * (1+0.05) ^ (9)

    A=4,458.52

    Interest earned

    4458.52-2874=1,584.52
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