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Find the following balance: 600 invested at 6% compounded annually for 7 years

User Rdeetz
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1 Answer

3 votes

9514 1404 393

Answer:

902.18

Explanation:

The amount is given by the formula ...

A = P(1 +r)^t . . . . . . P invested at annual rate r for t years

Using your numbers, this is ...

A = 600(1.06^7) ≈ 902.18

The balance after 7 years will be about $902.18.

User Cristiancajiaos
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