Helga invested $1000 at 5% interest, compounded annually. What is the total amount of interest that Helga will have earned by the end of the fourth year? Express your answer to the nearest dollar.

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asked Dec 19, 2022 231k views

11 votes

Helga invested $1000 at 5% interest, compounded annually. What is the total amount of interest that Helga will have earned by the end of the fourth year? Express your answer to the nearest dollar.

Mathematics
high-school

Ronze asked

by Ronze

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2 Answers

5 votes

Answer:

1215

Explanation:

1000(1+5divided 1000)^4 = 1215.5

nearest dollar is 1216

Morganfree answered Dec 21, 2022

by Morganfree

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6 votes

1000(1+5divided 1000)^4 = 1215.5

Vandita answered Dec 25, 2022

by Vandita

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