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How much would $200 invested at 7% interest compounded annually be worth after 5 years? Round your answer to the nearest cent.
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How much would $200 invested at 7% interest compounded annually be worth after 5 years? Round your answer to the nearest cent.

User Purpletonic
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2 Answers

5 votes

Answer:

280.51

Explanation:

User Gilthans
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8.5k points
3 votes
Use the Compound Amount formula:

A = P (1 + r)^t, where P is the principal, r is the interest rate as a decimal fraction, and t is the number of years.

Here, A = $200 (1 + 0.07)^5 = $500(1.07)^5 = $280.51.

The interest earned would be $80.51.
User Ilikerobots
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