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Debora [2.8K]
3 years ago
10

Devon invests in an account for 10 years that pays 2.15% compound interest annually. He uses the expression P(1+r)t to find the

total value. What will be the total value of the account after 10 years if he invested 4,000?
Mathematics
1 answer:
zheka24 [161]3 years ago
7 0

Answer:

FV= $4,948.16

Step-by-step explanation:

Giving the following information:

Number of periods (n)= 10

Interest rate (i)= 2.15% compound interest annually

Present value (PV)= 4,000

<u>To calculate the future value, we need to use the following formula:</u>

FV= PV*(1+i)^n

FV= 4,000*(1.0215^10)

FV= $4,948.16

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The bold marks indicate the steps done.

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3 years ago
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