You have $2200 to invest today at 7% interest compounded annually. Find how much
you will have accumulated in the account at the end of 9 Years?
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Answer:
Amount= $4045
Explanation:
The formula for compound interest is (1+r)^n
Where n represents the number of years
and r represents the rate of interest
it should be multiplied by the amount invested.
Therefore,
$2200 × (1+ 7/100)^9
$2200 × (1.07)^9
$2200 × 1.8384
= $4045 will be accumulated at the end of 9 years.
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