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How many dollars in interest are earned in two years on a deposit of $10,000 invested at 4.5% and  compounded annually? Express your answer to the nearest cent.

Guest Feb 18, 2018

Best Answer 

 #1
avatar+12753 
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10,000(1+.045)^2  - 10,000 = $920.25 interest after two years.

ElectricPavlov  Feb 18, 2018
edited by ElectricPavlov  Feb 18, 2018
edited by ElectricPavlov  Feb 18, 2018
 #1
avatar+12753 
+1
Best Answer

10,000(1+.045)^2  - 10,000 = $920.25 interest after two years.

ElectricPavlov  Feb 18, 2018
edited by ElectricPavlov  Feb 18, 2018
edited by ElectricPavlov  Feb 18, 2018

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