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Feliz [49]
2 years ago
10

How much must you deposit in an account that pays 7% annual interest compounded yearly to have a balance of $550 after 5 years?

Mathematics
1 answer:
Alexandra [31]2 years ago
7 0

Answer:

  • $392 (rounded)

Step-by-step explanation:

<u>You have this correct:</u>

  • 550 = a(1.07)⁵

<u>The next step:</u>

  • 550 = a*1.4 (rounded)
  • a = 550/1.4
  • a = 392 (rounded to the whole number)
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Aleonysh [2.5K]

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Step-by-step explanation:

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3 years ago
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Step-by-step explanation:

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