Tom's statement shows a previous balance of $2452.64 a payment of $160 a new transactions totaling $138 what is his new balance
2 answers:
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Answer:
Final amount = $5357.52
Step-by-step explanation:
Formula to be used,
Final amount =
Here, n = number of compounding in a year
t = Duration of investment
Now we substitute the given values in the question.
Final amount =
=
= 1210(4.4277)
= $5357.52