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Mathematics, 07.02.2021 20:30 Ltik11900

Suppose your friend's parents invest $20,000 in an account paying 7% compounded annually. What will the balance be after 5 years?

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A. use the formula for continuous compounding with the original example: $1000 invested at 2% for 1 year. record the amount to 5 decimal places. use a calculator. b. compare it to the result using the original compound interest formula with n = 365 calculated to 5 decimal places. which has a larger value? explain.

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