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1.6 ACSF L5 SC Number: Simple and Compound Interest
Sandra plans to retire and can receive a lump sum of $26,376 from her pension provider.
2
She decides to invest of the lump sum for 8 years and use the rest for travelling.
3
Her bank account pays 4.99% compound interest per annum.
How much interest will Sandra receive from this investment after 8 years?
Round your answer to the nearest thousand dollars.
$

Sagot :

towl35

Answer:

$12,000

Step-by-step explanation:

[tex]p(({1 + i})^{n} - 1)[/tex]

[tex]26376( ({1 +.0499 })^{8} - 1) \\ = 12000[/tex]

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