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How much compound interest will $50,000 earn in 10 years at 3.4% APR compounded yearly, providing no deposits or withdrawals are made? Hint: Use the formula A = P(1.00 + r)n. $19,851.44 $63,970.00 $13,
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How much compound interest will $50,000 earn in 10 years at 3.4% APR compounded yearly, providing no deposits or withdrawals are made? Hint: Use the formula A = P(1.00 + r)n.

$19,851.44
$63,970.00
$13,970.29
$69,851.44

User SynackSA
by
8.9k points

1 Answer

0 votes

Answer:

$19,851.44

Explanation:

A = 50,000(1.00 + 0.034)^10

= $69,851.44

= 69,851.44 - 50,000

= $19,851.44

User Silver Zachara
by
8.3k points
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