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Find the balance if you deposit 5000 that earns 4% annual interest compounded yearly for 6 years

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Answer:

The balance after 6 years, assuming the deposit of 5000 earns 4% interest compounded yearly, would be 7400. This is calculated by using the formula A=P(1+r/n)^nt, where A is the balance, P is the principal (5000), r is the interest rate (0.04), n is the number of times the interest is compounded per year (1), and t is the number of years (6).

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