Show me steps for 1,166 divided by 53
2 answers:
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Answer:
$13,695.98
Step-by-step explanation:
We can use the continuous compound interest formula to solve:
<em>P = principal amount</em>
<em>r = interest rate (decimal)</em>
<em>t = time (years)</em>
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First, lets change 8% into a decimal:
8% -> -> 0.08
Now, lets plug in the values:
The account balance after 10 years will be $13,695.98