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Lapatulllka [165]
3 years ago
7

a deposit of $2000 earns 8 annual interest. find the amount in the account at the end of 4 years and the amount of interest earn

ed during the 4 years if the interest is compounded
Mathematics
1 answer:
Tresset [83]3 years ago
8 0
The yearly multiplier is 1.08 (asssuming yearly compounding), so at the end of 4 years, the account balance will be
  $2000×1.08⁴ ≈ $2720.98

The amount of interest earned is the increase from the deposit amount:
  $2720.98 - 2000.00 = $720.98
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