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19 December, 11:20

A bank account yields 7 percent interest compounded annually. if you deposit 1,000 in the account, what will the account balance be after 5 years?

a. 1350.00

b. 1402.55

c. 1700.00

b. 1070.00

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Answers (1)
  1. 19 December, 13:40
    0
    B. 1,402.55

    1000 (1+.07) ^5
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