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Edward deposited 1,899 in an account earning 10% interest compounded annually.To the nearest cent, how much will he have in 1 year?

Solution

Edward deposited 1, 899 in an account earning 10% interest compounded annually.To the nearest cent, how much will he have in 1 year?

Solution

Amount : 2088.9

Solution steps

Translate the problem into an equation:

A = 1899 (1 + \frac{0.1}{1})^{1 \cdot 1}

1899 (1 + \frac{0.1}{1})^{1 \cdot 1} = 2088.9

Amount : 2088.9

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