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An investor puts ​$900 in an account that pays 2% interest compounded annually. Find the account balance after 6 years.

 Nov 21, 2016
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FV=PV (1+i)^n     FV=future value  PV = present value

 

FV= 900 (1.02)^6 = $ 1013.55

 Nov 21, 2016

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