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Use the Compound Interest Formula to Determine the Accumulated Balance

Question 112

Multiple Choice

Use the compound interest formula to determine the accumulated balance after the stated period. Assume that interest iscompounded annually.
-$16,000 is invested at an APR of 2.3% for 17 years.


A) $23,021.31
B) $22,256.00
C) $21,888.00
D) $23,550.80

Correct Answer:

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