suppose your friends parents invest 10,000 in an account paying 6% compounded annually.what will the balance be after 5 years
1 answer:
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➷ Use this formula:
final = original x multiplier^n
n would be the number of years
First to calculate the multiplier:
6/100 = 0.06
1 + 0.06 = 1.06
Substitute the values in:
final = 10000 x 1.06^5
Solve:
final = 13382.25578
Your answer is $13382.25
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