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07/31/2024 · Middle School
Suppose an account pays \( 6 \% \) interest that is compounded annually. At the beginning of each year, \( \$ 2,000 \) is deposited into the account (including \( \$ 2,000 \) at the start of the first year). What is the value of the account after the tenth total deposit if no withdrawals or additional deposits are made?
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The value of the account after the tenth deposit is approximately $27,000.
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