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20 August, 21:22

Alicia invested $32000 into an account earning 3% annual interest compounded quarterly. She makes no other deposits and does not withdraw any money. What is the balance of Alicia's account in 7 years?

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  1. 20 August, 22:20
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    A = P (1+r/n) ^ (nt)

    A = 32,000 (1+0.03/4) ^28

    A = 39,446.78 ... this is your answer
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