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6700 dollars is placed in an account with an annual interest rate of 8%. How much will be in the account after 24 years, to the nearest cent

 Feb 6, 2021
 #1
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IF compounded annually   6700(1+ .08)24

 

If simple interest    6700 + 6700 (.08)* 24

 Feb 6, 2021
 #2
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Every year the account is increased by 1.08x

 

so 

 

we start with $6700 x (1.08)^24

 

1.08^24 =/  6.34

 

6700 x 6.34= 42485.91 dollars

 Feb 6, 2021

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