Simplify ( If possible please show work)
1 answer:
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Answer:
balance after 4 years = $4502
Step-by-step explanation:
Formula to get the final amount when compounded annually is,
Final amount =
Here, r = rate of interest
n = number of compounding per year
t = Duration of investment
From the given question,
Final amount =
=
= 4502.0352
≈ $4502
Therefore, balance after 4 years = $4502