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Answer:
Step-by-step explanation:
GIVEN: Daniel invests in a retirement account with a fixed annual interest rate of
compounded
times per year.
TO FIND: What will the account balance be after years
SOLUTION:
Amount invested by Daniel
Annual interest rate
Total amount generated by compound interest is
Here Principle amount
rate of interest
number of times compounding done in a year
total duration of time
putting values we get
=
Hence the total balance after will be