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Suppose your​ friend's parents invest $ 20000 in an account paying 7 % compounded annually. What will the balance be after 8 years?

Verified Answer :

RedRicin

Each year, the current balance is multiplied by 1.07.

After 8 years, we'll have multiplied it by 1.07 eight times.

This can be written as

\(20000\times1.07^8\), which has a value of $34363.72, to the nearest cent.

sriddlp942

Answer:

i’m not sure

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