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Your parents put $500 into an account paying 7 percent interest for you when you were ten. ten years later they tell you that you can take the money out of the account. what is …

Your parents put $500 into an account paying 7 percent interest for you when you were ten. ten years later they tell you that you can take the money out of the account. what is …
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2 votes
Your parents put $500 into an account paying 7 percent interest for you when you were ten. ten years later they tell you that you can take the money out of the account. what is the balance to the nearest penny?

asked
User Alexandru Cristescu
by
8.7k points

2 Answers

2 votes
A=500×(1+0.07)^(10)
A=983.58
answered
User Icuken
by
8.6k points
2 votes
The answer is $983.58
answered
User Vikram Hosakote
by
9.0k points
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