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Colton opened a savings account and deposited $1,000.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 8 years? Round your answer t…

Colton opened a savings account and deposited $1,000.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 8 years? Round your answer t…
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Colton opened a savings account and deposited $1,000.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 8 years? Round your answer to the nearest cent.

asked
User Brazuka
by
8.7k points

1 Answer

4 votes

Answer:

$2304.5

Explanation:

The balance after 8years=P(1+R/100)^t

=1000(1+11/100)^8

=$2304.5

answered
User Arlen Beiler
by
9.1k points
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