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a3u2raisaraputri
a3u2raisaraputri a3u2raisaraputri
  • 04-07-2016
  • Mathematics
Answered

find the balance on a deposit of $1,150 that earns 9% interest compounded annually for 2 years

Verified Answer :

olemakpadu
olemakpadu olemakpadu
  • 09-07-2016

P = 1150, r = 9% = 0.09 per year, n = 2 years.

A = P(1 + r)ⁿ

A = 1150(1 + 0.09)²

A ≈ 1150(1.09)²  ≈ 1366.32

Amount  ≈ $ 1366.32

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