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22-03-2024
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Use the compound interest formula A=P(1+rn)nt.

Kelly opened a savings account with $500 she received at eighth grade graduation 4 years ago. The account pays 2.5 percent interest compounded daily. How much should be in the account now? Round to the nearest dollar.

a. $553
b. $103
c. $635
d. $219

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