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rodikova [14]
3 years ago
15

How much will $1000 deposited in an account earning 7% interest compounded annually be worth in 20 years? (which formula do I us

e? I am confused...txs)
Mathematics
1 answer:
Xelga [282]3 years ago
5 0

Answer:

$3870

Step-by-step explanation:

Hello, the initial deposit is $1000.

After one year, we will get 1000 + 7%*1000= 1000 * ( 1+7%) = 1000 * (1+0.07)

= 1000 * 1.07

And we want to compound it so the second year we will get

1000 * 1.07 * 1.07 = 1000 * 1.07^2

And after n years, we will get

1000 * 1.07^n

In that example, we want to know how much we will get after 20 years, so this is:

1000 * 1.07^{20}=3869.684462...

Thank you.

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