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Craig invests $200 into an account with a 2.7% interest rate that is compounded quarterly. How much money will he have in this account if he keeps it for 10 years? Round your an…

Craig invests $200 into an account with a 2.7% interest rate that is compounded quarterly. How much money will he have in this account if he keeps it for 10 years? Round your an…
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Craig invests $200 into an account with a 2.7% interest rate that is compounded quarterly. How much money will he have in this account if he keeps it for 10 years? Round your answer to the nearest dollar.

User Linead
by
7.9k points

1 Answer

4 votes

Answer:

$262

Explanation:

F = P(1 + r/n)^(nt)

F = 200(1 + 0.027/4)^(4 × 10)

F = 261.75...

Answer: $262

User Nimish Goel
by
8.4k points
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