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14 January, 18:43

How much money will you have if you started with $30 and put it in an account that earned 11% every year for 5 years?

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  1. 14 January, 21:54
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    A=P (1+r/n) ^nt

    P=Initial Amount

    R=Interest rate (written as decimal)

    N=Number of times interest is compounded per year

    T=Number of years.

    A=30 (1+.11/1) ^1*5

    A=30 (1.11) ^5

    A=30 (1.69)

    A=$50.55
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