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Alan saved 500 dollars in a bank account that compounds 3 percent annually. Assuming there are no other transactions, after 10 years, how much is in Alan's bank account? (Give your answer to the nearest dollar.)

Lightning  Aug 2, 2018
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FV = PV x [1 + R]^N

FV = 500 x [1 + 0.03]^10

FV = 500 x [  1.03  ]^10

FV = 500 x     1.34391637934412192049

FV = $672 - what Alan will have in his account after 10 years.

Guest Aug 2, 2018

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