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2 years ago

5

Manert’s grandfather put $4100 in the bank for him when he was born. The account has been earning 6.5% interest compounded annua

lly. Manert is now 25 years old and wants to take out the money so he can go to college. How much money does he have now?

1 answer:

Travka [436]2 years ago

3 0

Answer:

Ans: $19,793

Step-by-step explanation:

Compound interest:

A = P(1+6/100)²⁵

= 4100(1+0.065)²⁵

=19,793

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