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Suppose your friends parents invest $15,000 in an account paying 4% annually. What will the balance be after 9 years?
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4 votes
Suppose your friends parents invest $15,000 in an account paying 4% annually. What will the balance be after 9 years?

User Abhshkdz
by
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1 Answer

6 votes
Here's the equation for one year:
0.04(15000) + 15000
Because it is 9 years:
0.36(15000) + 15000
We can make it simpler:
1.36(15000)
Multiply:
20400
Their balance is $20400
User Augustine Joseph
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4.9k points
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