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Anarel [89]
3 years ago
12

Suppose your​ friend's parents invest $ 20000 in an account paying 7 % compounded annually. What will the balance be after 8 yea

rs?
Mathematics
1 answer:
melamori03 [73]3 years ago
5 0
Each year, the current balance is multiplied by 1.07.

After 8 years, we'll have multiplied it by 1.07 eight times.

This can be written as

20000\times1.07^8, which has a value of $34363.72, to the nearest cent.
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