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When an amount of money $x is put in the bank today at an annual rate of interest r compounded n time a year, then

When an amount of money $x is put in the bank today at an annual rate of interest r compounded n time a year, then in t years the person has x*(1+(r/n))nt
Dollars. In the worksheet Exam 7 of the workbook Questions formulas.xls you are given an Initial cash deposit, years money was in bank before withdrawal, and number of times per year interest was compounded. For example, Kim put $7,591 in bank today, withdrew it in 2 years and interest was compounded twice per year. Assuming an annual rate r =10%, what is the total amount of money the people have upon withdrawing their funds?
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