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-   -   Interest compounded annually. (https://www.askmehelpdesk.com/showthread.php?t=653060)

  • Apr 21, 2012, 03:22 PM
    Emortate
    interest compounded annually.
    If P dollars are deposited at an interest rate r and compounded n times,
    the future value An can be found by the formula An = P(1 + r)n. Find the
    rate of interest if a principal amount of $5000 grows to $6050.00 in 2 years
    if interest is compounded annually.

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