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sertanlavr [38]
3 years ago
12

A high-interest savings account pays 5.5% interest compounded annually. If $300 is deposited initially and again at the first of

each year, which summation represents the money in the account 10 years after the initial deposit?

Mathematics
1 answer:
inessss [21]3 years ago
4 0
That is an annuity and use the attached formula.

Total = 300 * [(1.055)^11 -1] / .055 -300
Total = 300 * <span> <span> <span> 1.8020924036  </span> </span> </span> -1 /.055 -300
Total = 300 * <span>.8020924036 / .055 - 300
</span>Total = 300 * <span> <span> <span> 14.5834982473 </span> </span> </span> -300
Total = <span> <span> <span> 4375.0494741818 </span> </span> </span> -300
Total = <span>4075.05


</span>

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