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4 June, 09:17

Madeline invests $25,000 in an account that offers a compound interest rate of 9.5% per year. Which of the following is the correct equation for how much Madeline will have after 8 years?

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  1. 4 June, 13:07
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    Use this equation: Amount after years=Initial investment * (1+Interest rate/time compounded yearly) ^number of years*times compounded yearly

    So A=25,000 (1+.095/1) ^8*1

    Simplify

    A=25000 (1.095) ^8

    Simplify

    A=25000 (2.07)

    Solve

    A=$51,671.73

    This equation can be used for all problems of this type.
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