Math Problem Statement
Use the compound interest formula to compute the balance in the following account after the stated period of time, assuming interest is compounded annually. $37,000 invested at an APR of 4.7% for 30 years.
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Formulas
A = P(1 + r/n)^(nt)
Theorems
Compound Interest Theorem
Suitable Grade Level
Grades 10-12
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