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8) $53,000 at 16% compounded
annually for 2 years
A) $71,316.80 B) $71,303.34
C) $69,960.00 D) $71,326.40
To get this answer you need to use the compound interest formula, which is A=P(1+r/n)^n(t). P=53,000 r=16%=0.16 n=1 t=2 years. Everything else should fall into place to get your answer. I hope this helps!
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