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Concept explainers
To calculate the total amount if the interest is compounded annually.
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Answer to Problem 50CR
$4434.87
Explanation of Solution
Given:
Principal: $4000
Rate of interest: 3.5%
Time: 3 years
Formula used:
Compound interest
Calculation:
Using the compound interest formula and substituting the known values,
Rounding off to the nearest cent, the compound interest is,
Conclusion:
Therefore, the total amount of compound interest is $4434.87.
Chapter 6 Solutions
Glencoe Math Accelerated, Student Edition
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