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xxsnevn

Mathematics

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Explanation & Answer

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The formula for annual compound interest is A = P (1 + r/n) ^ nt:

Where:

A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for

A=213(1+0.029/12)^12X32

=224,781.61

Please let me know if you need any clarification. I'm always happy to answer your questions.

athalnt (125)
University of Virginia

Anonymous
This is great! Exactly what I wanted.

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