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Question

For an account that earns interest compounded annually, use a calculator to find the balance of the account. Round your answer to the nearest cent. P=$600 r=9.3%, t=2 years

Solution

VerifiedStep 1

1 of 3Determine the balance of the account, after interest compounded annually.

$\begin{align*} A &= P(1 + r)^{t} && \text{Write the formula}\\ &= 600(1 + 9.3\%)^{2} && \text{Substitute the values}\\ &= 600(1 + 0.093)^{2} && \text{Show percent as decimal}\\ &= 600(1.093)^{2} && \text{Add the values}\\ &= 600(1.194649) && \text{Evaluate the power}\\ &= 716.7894 && \text{Multiply the values}\\ \boldsymbol{A} &\boldsymbol{= 716.79} && \text{Rounded off} \end{align*}$

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