(b) Six years ago the farmer invested $3750 at a rate of 4% per year compound interest.
(1) Calculate the total value of his investment after the 6 years.
Give your answer correct to the nearest dollar.
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Answer:
CI=$812.44
Step-by-step explanation:
P=$3750
R=4%
T=6 YEARS
A=P(1+R/100)^n
A=3750(1+4/100)^6
A=$4,562.44
CI=A-P
CI=4562.44-3750
CI=$812.44
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