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Asked Dec 11, 2019
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Find the compound amount for the deposit. Round to the nearest cent.

$15,000 at 3% compounded annually for 19 years.

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From the given information, ...

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P = $15,000, r = 3%, and t= 19 years. The formula to compute the compound amount compounded annually is, nt A = P 1+. (1) Since the amount compounded annually the value of n= 1.

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