Question

Asked Jan 26, 2020

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Suppose that $4000 is placed in an account that pays 8% interest compunded each year. Assume that no withdrawals are made from the account.

(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.

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Step 1

The amount of a principle P, rate of interest r in a time interval t which is compounded by a faactor n is calculated by,

Step 2

determine the value of P, r and n( it is compounded annually).

Step 3

a) here, t=1.

Determine...

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