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Finance
Question

Suppose Salma places $9500 in an account that pays 16% interest compounded each year.

Assume that no withdrawals are made from the account.

 

Follow the instructions below. Do not do any rounding.

 

(a) Find the amount in the account at the end of 1 year.

(b) Find the amount in the account at the end of 2 years.

Answer

(a) 11020

(b) 12783.2

Solution
View full explanation on Camera Math App.