You deposit $1295 dollars in a mutual fund that provides an average return of 8.4% interest compounded annually. Find your account bal

Question

You deposit $1295 dollars in a mutual fund that provides an average return of 8.4% interest compounded annually.
Find your account balance after 7 years.

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Amaya 1 week 2021-11-18T04:42:03+00:00 1 Answer 0 views 0

Answers ( )

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    2021-11-18T04:43:25+00:00

    Answer: $2,277.5

    Step-by-step explanation:

    Hi, to answer this question we have to apply the compounded interest formula:

    A = p (1+ r )^t

    A = total amount (principal plus returns)

    P = principal invest

    r =interest rate (decimal form)

    t = time (in this case years)

    Replacing with the values given:

    A = 1295 (1 + 8.4/100)^7

    A = 1295 ( 1+ 0.084)^7

    A = 1295 ( 1.084)^7

    A = 2,277.5

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45:7+7-4:2-5:5*4+35:2 =? ( )