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21 December, 18:09

You invest $1,600 in an account that pays an interest rate of 4.75%. calculate the balance of your account after 7 year round the answer to the nearest hundredth

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  1. 21 December, 18:43
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    A = P (1 + r/n) ^nt

    P = 1600

    r =.0475

    n = 1 (assuming its compounded annually)

    T = 7

    Answer: $2214.10
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