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At the end of the first year, the balance in the account is: 5000(1+.0638).

At the end of the second year, the balance in the account is: 5000(1+.0638)(1+.0638).

At the end of the third year, the balance in the account is: 5000(1+.0638)(1+.0638)(1+.0638).

At the end of the t year, the balance in the account is: 5000(1+.0638)^t.

So, at the end of the tenth year, the balance in the account is 5000(1+.0638)^10 = 9,280.47. $5,000 is your principal, and the remaining ($9,280.47 - $5,000) = $4,280.47 is the interest.

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โˆ™ 2009-11-19 13:05:15
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Q: What is the interest compounded annually when 5000 is invested in an account paying 6.38 percent interest for 10 years?
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