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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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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.

User Ronze
by
7.3k points

2 Answers

5 votes

Answer:

1215

Explanation:

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

nearest dollar is 1216

User Morganfree
by
7.2k points
6 votes
1000(1+5divided 1000)^4 = 1215.5
User Vandita
by
6.9k points
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