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Novay_Z [31]
3 years ago
6

how much would $400 be worth after 6 years, if were invested at 2% interest compounded annually? (Use the formula below and roun

d your answer to the nearest cent.) A(t)=P(1+(r)/(n))^(nt)
Mathematics
1 answer:
trapecia [35]3 years ago
6 0
2% interest is the rate "r" but needs to be decimal form. r = 0.02

$400 is the principal amount P

because it's annual rate, n = 1
t = 6

A = 400(1+0.02)^(6)
A = 400(1.02)^(6)
A = 400(1.13)
A = 450.46
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