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26 April, 07:52

Kirsten invested $1000 in an account at an annual interest rate of 3%. She made no deposits or

withdrawals on the account for 5 years. The interest was compounded annually. Find the balance

in the account, to the nearest cent, at the end of 5 years.

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Answers (1)
  1. 26 April, 09:19
    0
    I = Prt

    I = ($1000) (3%) (5 years)

    I = ($30) (5 years)

    I = $150

    $1000 + $150

    $1150
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