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bjone3yrangton
bjone3yrangton bjone3yrangton
  • 08-06-2016
  • Mathematics
Answered

Find the balance in the account.


$2,400 principal earning 2%, compounded annually, after 7 years


$307,200.00

$2,736.00

$2,756.85

$17,136.00

Verified Answer :

metchelle
metchelle metchelle
  • 10-06-2016

This can be solved using the formula for interest, which is the following:

Let:
F = Future value
P = Principal value
i = interest rate
n = interest period (n = 7)

F = P(1 + i)^n

Using the given values:

F = 2400(1 + 0.02)^7
F = 2756.8456

Therefore, the balance in the account would be $2756.85

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