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You will have 5000 dollars × (1 + 8/100)18 = 19,980 dollars.

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Q: If each year you deposit 5000 dollars in an account that earns 8 percent each year compounded annually how much will you have after 18 years?
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You deposit 700 in an account that pays 8 percent interest compounded yearlyfind the balance after 13 years?

You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.


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