two years ago paul bought 350 dollars worth of stock on his cell phone company. since then the value of his stock has been increasing at an average 9 3/4% per year. how much is the stock worth now.
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350 dollars is the starting amount. After the first year his stock increased by 9.75%. Multiply by 1.0975 to increase by that percentage.
The next year it increased another 9.75%.
Round to the nearest penny which would be the second number after the decimal so the answer is $421.58
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