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Find the end balance of a $1.750 deposit at 2% compound Eder annually after 5 years.

User Maxflow
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1 Answer

6 votes

Explanation:

The compounding formula:

FV = PV ( 1 + i)^n

i = decimal interest per period = .02

n = periods = 5

FV = $ 1,750 * ( 1 + ,02)^5 = $ 1932.14

( I assumed 1,750 and NOT 1.75 as posted)

User Oscar Cabrero
by
8.2k points
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