Algebra 1: Common Core (15th Edition)

Published by Prentice Hall
ISBN 10: 0133281140
ISBN 13: 978-0-13328-114-9

Chapter 12 - Data Analysis and Probability - 12-6 Permutations and Combinations - Practice and Problem-Solving Exercises - Page 768: 69


A $\approx$ 834

Work Step by Step

Use the compound interest formula : A=P(1 +$\frac{r}{n}$$)^{nt}$ P=500 R=5.25%=0.0525 N=1(annually) T=10 years Substitute: A=500(1 +$\frac{0.0525}{1}$$)^{1(10)}$ -simplify- A=500 (1.0525$)^{10}$ -evaluate A $\approx$ 834 The answer is $834.
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