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JARthe1st
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PLEASE help!!


Audrey deposited $2,800 in a savings account that pays 2.65% interest compounded annually what is the total value of the account after 7 years?

A$3,362.57
B$562.67
C$14.514.15
D$2,569,680.00

Verified Answer :

The answer is A. $3,362.57. You just multiply the amount deposited by .0265, then add the amount you get with the amount deposited. continue multiplying the .0265 by each total and keep adding and you get A.

boffeemadrid

We need to find the total value of an account after a period of 7 years.

The total value of the account would be A. $3362.57

P = Principal amount = $2800

t = Time = 7 years

r = Interest rate = 2.65%

The formula for total value is

\(A=P(1+r)^t\\\Rightarrow A=2800(1+0.0265)^7\\\Rightarrow A=3362.57\)

The total value of the account would be A. $3362.57.

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