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18 August, 21:52

Mark opened a savings account at his bank with a guaranteed annual interest rate of 5.0% for 5 years. If he deposits $10,000.00 to the account and the interest is compounded annually, the interest on the account is modeled by the function A = 10,000 (1 +.05) t.

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  1. 19 August, 00:42
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    Total = Principal * (1 + rate) ^ years

    Total = 10,000.00 * (1.05) ^5

    Total = 10,000.00 * 1.2762815625

    Total = 12,762.82
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