Zahra deposits $620 every year into an account earning an annual interest rate of 3.6% compounded annually. How much would she have in the account after 9 years, to the nearest dollar? Use the following formula to determine your answer. A=d(((1+i)^(n)-1)/(i)) A= the future value of the account after n periods d= the amount invested at the end of each period i= the interest rate per period n= the number of periods Answer:

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Zahra deposits  $620 every year into an account earning an annual interest rate of  3.6% compounded annually. How much would she have in the account after 9 years, to the nearest dollar? Use the following formula to determine your answer.  A=d(((1+i)^(n)-1)/(i))  A= the future value of the account after  n periods  d= the amount invested at the end of each period  i= the interest rate per period  n= the number of periods Answer:

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Identify variables: Identify the variables from the problem to use in the formula. We have: d = $620 (the amount invested at the end of each period) i = 3.6% or 0.036 (the interest rate per period) n = 9 (the number of periods)Convert interest rate: Convert the interest rate from a percentage to a decimal. i = 3.6% = 3.6/100 = 0.036Substitute values: Substitute the values into the formula to calculate the future value of the account. A = d * (((1 + i)^n - 1) / i) A = 620 * (((1 + 0.036)^9 - 1) / 0.036)Calculate parentheses: Calculate the value inside the parentheses. (1 + i)^n = (1 + 0.036)^9Calculate exponent: Calculate the exponent part of the formula. (1 + 0.036)^9 ≈ 1.036^9 ≈ 1.368569Subtract one: Subtract 1 from the result of Step 5. 1.368569 - 1 ≈ 0.368569Divide by i: Divide the result of Step 6 by i. 0.368569 / 0.036 ≈ 10.238583Multiply by d: Multiply the result of Step 7 by d to find the future value A. A = 620 * 10.238583 ≈ 6347.9016Round result: Round the result to the nearest dollar. A ≈ $6348

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