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Calculate the amount in an account after one year that starts
with the principal listed below and pays the specified annual
rate of interest compounded yearly.
Principal = $18,000, Rate = 3%

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sqdancefan

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Answer:

  $18,540

Step-by-step explanation:

When interest is compounded yearly, the amount of interest earned in one year is the same as the amount of simple interest earned. The account balance is ...

  A = P(1 +r) = $18,000(1 +.03) = $18,540

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