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11 October, 06:24

A credit card company wants your business. If you accept their offer and use their card, they will deposit 11 % of your monetary transactions into a savings account that will earn a guaranteed 55 % per year. If your annual transactions total an average of $20 comma 00020,000 , how much will you have in this savings plan after 1515 years?

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  1. 11 October, 06:49
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    I will have $183536835400 in my savings after 1515 years

    Explanation:

    Deposit into the savings account = 0.11*$2000020000 = $220002200

    Earnings after 1515 years = 0.55*1515*$220002200 = $183316833200

    Total amount in savings plan after 1515 years = $220002200 + $183316833200 = $183536835400
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