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Suppose that $4500 is placed in an account that pays 16% interest compounded each year. Assume that no withdrawals are made from the account.
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Suppose that $4500 is placed in an account that pays 16% interest compounded each year. Assume that no withdrawals are made from the account.

User Kirilclicks
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So what you do is simple it is only one year that you are getting the 16% so how to solve is this way: $4500 + 16%= $5220

User Rahul Reghunath
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