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lozanna [386]
2 years ago
15

2. Three years ago, Shawheen deposited $5,000 in a savings account. Today, the account is worth

Business
1 answer:
AnnyKZ [126]2 years ago
4 0

The amount of money Shawheen deposited in his savings account increased in value because of the interest rate his account earns.

The initial deposit might have a higher purchasing power because of inflation.

When money is deposited in a savings account, the amount of money earns interest.

The value of the interest rate can be determined using this formula: interest earned / (time x amount deposited)

Interest earned = $$5,306.04 - $5,000 = $306.04

Interest rate = $306.04 / (3 x $5000) = 2.04%

Inflation is the persistent rise in the general price levels. Inflation reduces the purchasing power of money.

To learn more about inflation, please check: brainly.com/question/18072639

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No.

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3 years ago
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The following clusters should be researched;

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Explanation:

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