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Sarawong invests $4,537 in a retirement account with a fixed annual interest rate of 4.55% compounded quarterly. What will the account balance be after 17 years?
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Sarawong invests $4,537 in a retirement account with a fixed annual interest rate of 4.55% compounded quarterly. What will the account balance be after 17 years?

User Rahul Thakur
by
3.8k points

1 Answer

5 votes

Answer:

$8,046.37

Explanation:

4,537*0.0455= 206.4335

206.4335*17=3509.3695

4537+3509.3695=8046.3695

8046.3695 rounded = $8,046.37

User Zotty
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4.1k points
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