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On Dmitri's first birthday, his parents deposited $ 7 , 0 0 0 into a savings account that earns a fixed rate of 4 .

On Dmitri's first birthday, his parents deposited $

7, 000

into a savings account that earns a fixed rate of

4.00 %

and compounds interest annually.

Dmitri's

20

th birthday, his account will have accumulated

(

Hint: Round your answer to the nearest cent.

)

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