Mathematics
mstcage
9

At the beginning of year 1, Sam invests $700 at an annual compound interest rate of 5%. He makes no deposits to or withdrawals from the account. Which explicit formula can be used to find the account’s balance at the beginning of year 4? What is the balance?

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(1) Answers
IRuyf

The explicit formula would be, I=PxRxT the simplest formula is 700 x 0.05 x 4 the interest equals $140.00

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