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Chin has $75.00 in a savings account that earns 5% interest, compounded annually. What will the balance be after 4 years? Round to the nearest cent.

Chin has $75.00 in a savings account that earns 5% interest, compounded annually. What will the balance be after 4 years? Round to the nearest cent.
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4 votes
Chin has $75.00 in a savings account that earns 5% interest,

compounded annually.
What will the balance be after 4 years?
Round to the nearest cent.

User Ofirski
by
7.8k points

1 Answer

4 votes

75÷100=0.75

0.75×5=3.75

3.75×4=15

75+15=90

User Joelle
by
8.1k points
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