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Alja [10]
3 years ago
13

2. Determine how much is in a retirement account after 20 years if $5,000 was invested at 6.05%

Mathematics
1 answer:
hammer [34]3 years ago
7 0

Answer:

16,755.63

Step-by-step explanation:

I'm going to assume that there are 52 weeks in a year

Compound interest formula:

PV(1+\frac{i}{n})^{n*t}\\5000(1+\frac{.0605}{52})^{52*20}\\5000(1.001163462)^{1040}\\16755.63406

which i wwill round to

16755.63

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