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3 years ago

12

Colton opened a savings account and deposited $1,000.00 as principal. The account earns 11% interest, compounded annually. What

is the balance after 8 years? Round your answer to the nearest cent.

1 answer:

jeka943 years ago

5 0

Answer:

$2304.5

Step-by-step explanation:

The balance after 8years=P(1+R/100)^t

=1000(1+11/100)^8

=$2304.5

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