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ANTONII [103]
2 years ago
5

Mei Mei invested $1700 in an account that pays 3% interest compounded annually.

Mathematics
1 answer:
algol [13]2 years ago
4 0

Answer:

$2728

Step-by-step explanation:

Use compound interest formula:

A = P(1 + \frac{r}{n})^{nt}

P = 1700, r = 0.03, n = 1, t = 16

Plug in numbers:

A = 1700(1 + \frac{0.03}{1})^{(1)(16)}

Simplify:

A = 1700(1.3)^{16

Use calculator:

A = 2728

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