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3 years ago

5. Find the balance in the account to the nearest whole dollar: $2500 principal earning 3%, compounded annually, after 4 years

Mathematics

2 answers:

mario62 [17]3 years ago

4 0

In the formula, let p = 2500, r = 0.03 and t = 4. See picture.

satela [25.4K]3 years ago

4 0

Answer: The balance in the account to the nearest whole dollar after 5l4 years = $ 2814

Step-by-step explanation:

Principal = $ 2500

Rate of Interest = 3% compounded annually

Time = 4 years

If principal be p, rate of interest be i and time be t , then Amount after t years is given by P × ( 1 + i/100 )^t

So, amount after 4 years = 2500 × ( 1 + 3/100)^4

= 2500 × (1.03)^4

= 2500 × 1.1255

= 2814 ( rounded to nearest whole dollar )

The balance in the account to the nearest whole dollar after 4 years = $ 2814

Hope it helped..!!

Thank you :)

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We are given that Seven apple women, possessing respectively 20, 40, 60, 80, 100, 120, and 140 apples, went to market and sold all their apples at the same price, and each received the same sum of money.

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