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Concept explainers
To find: Total amount in each account if interest is compounded annually.
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Answer to Problem 19IP
Total amount
Explanation of Solution
Given information:
Principal amount
Time
Interest rate
Concept:
Where
Calculation:
From given information
Principal amount
Time
Interest rate
On substituting values in above mentioned concept
We get
Therefore,
To nearest cent, Total amount
Chapter 6 Solutions
Glencoe Math Accelerated, Student Edition
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