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An investment account earns 4% per year compounded annually. If the initial investment was $4,000.00, how much is in the account after three years?

An investment account earns 4% per year compounded annually. If the initial investment was $4,000.00, how much is in the account after three years?
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An investment account earns 4% per year compounded annually. If the initial investment was $4,000.00, how much is in the account after three years?

User AMoL Thite
by
7.9k points

2 Answers

7 votes

Answer:

To the nearest dollar, it's $4499.

Explanation:

User Antiokhos
by
8.6k points
3 votes
A=4,000×(1+0.04)^(3)
A=4,499.456
User Pollitzer
by
8.4k points
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