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Leroy deposited 8,000 in an account earning 5% interest compounded annually.To the nearest cent, how much will he have in 2 years?

Solution

Leroy deposited 8, 000 in an account earning 5% interest compounded annually.To the nearest cent, how much will he have in 2 years?

Solution

Amount : 8820

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.05}{1})^{1 \cdot 2}

8000 (1 + \frac{0.05}{1})^{1 \cdot 2} = 8820

Amount : 8820

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