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17 April, 10:08

Find the balance in the account. $800 principal earning 7%, compounded annually, after 4 years

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Answers (2)
  1. 17 April, 12:41
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    800 * (1.07) ^ (4) = 1,048.63
  2. 17 April, 12:53
    0
    Use the compound amount formula: A = P (1+r) ^t

    Here,

    A = $800 (1+0.07) ^4 = $800 (1.31) = $1048.64 (rounded off to the nearest cent)
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