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NeTakaya
2 years ago
11

find the balance in the account. $2,400 principal earning 2%, compounded annually, after 7 years $2,736.00 $2,756.85 $307,200.00

$17,136.00
Mathematics
1 answer:
Alex17521 [72]2 years ago
3 0
The future worth (F) of the current investment (P) that has an interest (i) that is compounded annually is calculated through,
                                  F = P x (1 + i)^n
where n is the number of compounding period. Substituting the given values,
                             F = ($2,400) x ( 1+ 0.02)^7 = $2,756.85
Thus, the future worth is approximately $2,756.85. The answer is the second choice. 
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3rd graph down

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(sorry my answer wasnt posting so i had to start over and make it less detailed, but comment if you need any explanation)

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