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ivolga24 [154]
4 years ago
14

Michelle needs to save $7,000 for school in the next two years. She found a bank that offers a 9% interest rate compounded annua

lly. What does she need to deposit at the beginning of the year to have enough money for school?
Mathematics
1 answer:
Lina20 [59]4 years ago
5 0
100\%+9\%=109\%=1.09\\\\x\times1.09^2=7,000\\\\1.1881x=7,000\ \ \ \ /:1.1881\\\\x\approx5892\\\\Answer:\$5892
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