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nydimaria [60]
3 years ago
6

Jill invested $20,000 in an account that earned 5.5% annual interest, compounded annually. What is the value of this account aft

er 10 years?
Mathematics
1 answer:
noname [10]3 years ago
7 0

The value of this account in 10 years is given by the formula:

FV = P*(1+r)^t

where FV is the future value in the account after 10 years(to be calculated)

P is the principal invested at the beginning

r is the interest rate and

t is the time horizon in years

Given, Invested Amount (P) = 20,000

Interest rate (r) = 5.5% = 0.055

Time horizon (t) = 10 years = 10

Substituting the formula, FV = 20,000*(1+0.055)^10 = 20,000*1.055^10 = 20,000*1.708144458 =  34,162.89

The value of this account after 10 years =$34,162.89 (Rounded to the nearest cent)

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Answer:

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Step-by-step explanation:

The domain is the set of all x-values. We can find the domain by finding the left boundary of the graph (the furthest left x-value) and then the right boundary (the furthest right x value).

The furthest left x-value is -7. Notice it has a large open circle here that is not filled in. This means the function does not include -7 but includes numbers very close to it like-6.999999..... We sue use an inequality sign without an equal to to write -7. x >-7.

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I hope that helps!


I am with you if you faced any difficulties!




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