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[1]
3 years ago
10
Mr. Hall deposited money into an account in which interest is compounded quarterly at a rate of 2.6%. How much did he deposit if
the total amount in his account after 4 years was $7160.06, and he made no other deposits or withdrawals?
Mathematics
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1
answer:
Amanda
[17]
3 years ago
8
0
The formula of this equation would be
* 1.026^16 = 7,160.06
So from this equation we know that
Now we need to find the value of x, we need to multiply
* 1.026 16 times. Which will bring us to your answer. $
4,748.53
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