tammyrobison02 tammyrobison02

31-10-2021
Mathematics

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Find the principal invested when the account earns $804 in interest at 6.1% annual interest rate for 2 years. Round to the nearest hundredth.

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31-10-2021

Answer:

Assuming amount A is compounded then

A (1 + .061)^2 = A + 804 earing 804 in two years

A ( 1.1257 - 1 ) = 804

A = 804 / .1257 = 6395 .11

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