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Annual interest calculates how much is in the bank at the time of compounding, then adds the percentage of interest. In this case, every year after the first slightly more than 8 percent of the 4 thousand initial deposit. In this particular case, at the end of the sixth year, you would have 6,347 dollars and 50 cents.

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โˆ™ 2014-08-26 18:04:52
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Q: If you deposit 4000 in a bank account that pays 8 percent interest compounded annually how will you have in 6 years?
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