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You deposit $500 in an account that pays 4% interest compounded yearly. What is the balance after 5 years?
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1 vote
You deposit $500 in an account that pays 4% interest compounded yearly. What is the balance after 5 years?

User Blue Smith
by
5.4k points

1 Answer

4 votes

Answer:

100$

Explanation:

Since
4%% of
500=
20, then
20x5=100

User Yoano
by
5.6k points
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