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29 February, 02:28

How much would $400 be worth after 6 years, if were invested at 2% interest compounded annually? (Use the formula below and round your answer to the nearest cent.) A (t) = P (1 + (r) / (n)) ^ (nt)

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  1. 29 February, 03:57
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    2% interest is the rate "r" but needs to be decimal form. r = 0.02

    $400 is the principal amount P

    because it's annual rate, n = 1

    t = 6

    A = 400 (1+0.02) ^ (6)

    A = 400 (1.02) ^ (6)

    A = 400 (1.13)

    A = 450.46
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