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oee [108]
3 years ago
8

Shawn has a bank account with $4,625. He decides to invest the money at 3.52% interest,

Mathematics
1 answer:
andrezito [222]3 years ago
8 0

Answer: The investment will be 6314 after 9 years.

Step-by-step explanation:

Formula to calculate the accumulated amount in t years:

A=P(1+r)^t, whereP= principal amount, r= rate of interest ( in decimal)

Given: P = $4,625

r= 3.52% = 0.0352

t= 9 years

Then, the accumulated amount after 9 years would be:

A=4625(1+0.0352)^9\\\\=4625(1.0352)^9\\\\=4625(1.36527)\approx6314

Hence, the investment will be 6314 after 9 years.

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