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Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 2 years?

Respuesta :

samuelonum1

Answer:

$511.575

Step-by-step explanation:

Given data

P=$475

R=3.8%

T= 2 years

Compound interest

A=P(1+r)^t

substitute

A=475(1+0.038)^2

A=475(1.038)^2

A=475*1.077

A=511.575

Hence the final amount is $511.575

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