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Brooke has 7 in an account that earns 10% interest compounded annually.To the nearest cent, how much will she have in 2 years?

Solution

Brooke has 7 in an account that earns 10% interest compounded annually.To the nearest cent, how much will she have in 2 years?

Solution

Amount : 8.47

Solution steps

Translate the problem into an equation:

A = 7 (1 + \frac{0.1}{1})^{1 \cdot 2}

7 (1 + \frac{0.1}{1})^{1 \cdot 2} = 8.47

Amount : 8.47

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