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13 February, 00:04

How much would $200 invested at 7% interest compounded annually be

worth after 5 years? Round your answer to the nearest cent.

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Answers (1)
  1. 13 February, 03:21
    0
    use the Compound Amount formula:

    A = P (1 + r) ^t, where P is the principal, r is the interest rate as a decimal fraction, and t is the number of years

    Here, A = $200 (1 + 0.07) ^5 = $500 (1.07) ^5 = $280.51.

    The interest earned would be $80.51
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