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Carson grew up to be one of Texas most prominent real estate investor. Carson took $32,500 he made on the sale of a home and placed it in a new account that earns 6% compounded annually. Find the total
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Aug 14, 2023
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Carson grew up to be one of Texas most prominent real estate investor. Carson took $32,500 he made on the sale of a home and placed it in a new account that earns 6% compounded annually. Find the total amount after 5 years.
ps (delta math)
Mathematics
high-school
Marcos Labad
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Answer:
$44,492.33
Explanation:
Compound Interest Formula
A = P (1 + r/n)^(nt)
A = amount of interest
P = Principal
r = interest rate (in decimals)
n = number of times interest is compounded
t = number of years
Solving
A = (32,500)(1 + 0.06/1)⁵
A = (32,500)(1.06)⁵
A = (32,500)(1.33822558)
A =
$44,492.33
(nearest cent)
Apnorton
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Aug 19, 2023
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Apnorton
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