Ezra invested $1 at 5% interest compounded annually. Which of the following gives the total value, in dollars, of the investment after 4 years?
Question
Solution 1
The formula for compound interest is A = P(1 + r/n)^(nt), where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal).
- n is the number of times that interest is compounded Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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