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Suppose your friend's parents invest $20000 in an account paying 7% compounded annually. What will the balance be in 7 years
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Jul 18, 2018
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Suppose your friend's parents invest $20000 in an account paying 7% compounded annually. What will the balance be in 7 years
Mathematics
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Shibley
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The formula for compound interest is:
Where P is the amount you start with, r is the rate, t is the time, and n is the number of times the interest is calculated per year. So for you, this would look like:
Hope it helps!
JRodrigoF
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Jul 20, 2018
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JRodrigoF
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The balance will be:
$500,637.91
Lluis Gerard
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Jul 24, 2018
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Lluis Gerard
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