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11-02-2022
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If you deposit $8,000 in a bank account that pays 3% interest annually, how much will be in your account after 5 years

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11901781 11901781

15-02-2022

Deposit, P = $8000

Interest rate, r = 3%

Period, t = 5 years

Future value = P * (1+r)t

Amount in account after 5 years = 8000 * (1+3%)5 = $ 9274.19

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