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Mkey [24]
3 years ago
10

Using the compound interest formula, calculate the total amount at the end of the stated period.

Mathematics
1 answer:
mina [271]3 years ago
6 0
\bf \qquad \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\qquad 
\begin{cases}
A=\textit{compounded amount}\\
P=\textit{original amount deposited}\to &\$5000\\
r=rate\to 8\%\to \frac{8}{100}\to &0.08\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{annually, meaning once}
\end{array}\to &1\\

t=years\to &3
\end{cases}
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