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You invest an initial $1,000 in an account that has an annual interest rate of 2.5%, compounded annually. How much money will you have in the account after 6 years? Round your answer to the nearest whole number.

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Aliwohaish12
1000(1+2.5%)^6=???????????
scme1702
The change is a growth of 2.5% so the factor will be:
1 + 0.025 = 1.025
N = 1000(1.025)⁶
= $1,160

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