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Ms. Etienne deposited $450 into an account that paid 5% interest compounded annually. She did not make any
additional deposits or withdrawals.
Which amount is closest to the value of the account at the end of 6 years?
A $603.04
B $585.00
© $463.67
o
$463.50

Ms Etienne deposited 450 into an account that paid 5 interest compounded annually She did not make any additional deposits or withdrawals Which amount is closes class=

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Answer:

$603.04

Step-by-step explanation:

The Compound Amout formula is A = P(1 + r)^t, where:

P is the principal (initial deposit), r is the annual interest rate as a decimal fraction, and t is the time period in years.

In this particular case, the Compound Amount is:

A  = ($450)(1 + 0. 05)^6 = ($450)(1.34) = $603.04

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