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jake invested $800 in a savings account at a 2.5% annual interest rate. He made no deposits or withdrawals on the account for 2 years. The interest was compounded annually. Find, to the nearest cent, the
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jake invested $800 in a savings account at a 2.5% annual interest rate. He made no deposits or withdrawals on the account for 2 years. The interest was compounded annually. Find, to the nearest cent, the balance in the account after 2 years.

User Benjamin Pasero
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6.9k points

1 Answer

2 votes

Answer:

$840.5

Explanation:

x=800
(1.025)^(2)

x=840.5

User John Hazen
by
7.8k points
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