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13 August, 23:24

Holly deposited $10,000 in an investment account. After 6 years the account is worth approximately $13,400. Which formula represents the value of the account after t years?

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  1. 13 August, 23:43
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    A=p (1+r) ^t

    13400=10000 (1+r) ^6

    Solve to find the interest rate

    r = ((13,400:10,000) ^ (1:6) - 1) * 100

    r=4.99%=5%
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