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24-10-2016
Mathematics

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You deposit $2000 each year into an account earning 8% interest compounded annually. How much will you have in the account in 15 years?

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24-10-2016

Use the formula for compound interest, compounded annually:
[tex]A=P(1+r)^{t}[/tex]
[tex]A=2000(1+0.08)^{15}=6344.34[/tex]
The answer is $6344.34

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