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Upper A 7000 deposit in an account with an APR of 5%. What is in the account after 20 year?

Solution

Upper A 7000 deposit in an account with an APR of 5%. What is in the account after 20 year?

Solution

Amount : 14000

Solution steps

Translate the problem into an equation:

A = 7000 (1 + 0.05 \cdot 20)

7000 (1 + 0.05 \cdot 20) = 14000

Amount : 14000

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