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pashok25 [27]
3 years ago
5

A bank account balance, b, for an account starting with s dollars, earning an annual interest rate, r, and left untouched for n

years can be calculated as b = s(1 + r)^n (an exponential growth formula). Find a bank account balance to the nearest dollar, if the account starts with $100, has an annual rate of 4%, and the money left in the account for 12 years.
Mathematics
1 answer:
lesya692 [45]3 years ago
8 0
B = 100(1 + 0.04)^12 = 100(1.04)^12 = 100(1.601) = $160.10
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