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Alice has 1,857 in a savings account that earns 14% interest, compounded annually.To the nearest cent, how much will she have in 4 years?

Solution

Alice has 1, 857 in a savings account that earns 14% interest, compounded annually.To the nearest cent, how much will she have in 4 years?

Solution

Amount : 3136.4

Solution steps

Translate the problem into an equation:

A = 1857 (1 + \frac{0.14}{1})^{1 \cdot 4}

1857 (1 + \frac{0.14}{1})^{1 \cdot 4} = 3136.39901 \dots

Round to the nearest hundredth:

3136.4

Amount : 3136.4

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