Math Problem Statement
Kyle has $700 in a savings account. The interest rate is 14%, compounded annually.
To the nearest cent, how much will he have in 2 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 Formula
Suitable Grade Level
Grades 9-12
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