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13 April, 00:22

Using the formula in model 1, choose the correct answers for the total amount and amount of interest earned in the following compound interest problem. $5,000 at 3% for 7.0 years, compounded annually.

Total Amount = $

Interest Amount = $

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Answers (1)
  1. 13 April, 01:39
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    A=5,000 * (1+0.03) ^ (7)

    A=6,149.37

    Interest earned=1149.37
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