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Wittaler [7]
3 years ago
9

You deposit $100 in an account earning 4% interest compounded annually. How much will you have in the account in 10 years? Round

your answer to the nearest penny
Mathematics
1 answer:
rosijanka [135]3 years ago
5 0

Answer:

$148.02

Step-by-step explanation:

In the question

Principal = $100, rate(R) = 4% compounded annually, time(T)= 10 years

we know that the formula for compound interest

A=P\times_(1+\frac{R}{100} )^{T}   where A is amount

now putting values in the above formula we get

A=100\times_(1+\frac{4}{100} )^{10}

therefore A= $148.024428

rounding off to the nearest penny we get amount as $148.02 and compound interest will be $48.02

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