TiahU785016 TiahU785016

29-10-2022
Mathematics

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Justina opened a savings account and deposited 400.00 as principal. the account earns 14%, interest compounded annually what is the balance after 6 years?

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LilythY62002 LilythY62002

29-10-2022

The balance after 6 years can be determined as,

[tex]\begin{gathered} A=P(1+\frac{r}{100})^t \\ =400(1+\frac{14}{100})^6 \\ =877.99 \end{gathered}[/tex]

Thus, the required balance is 877.99 USD.

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