Math Problem Statement
Suppose that $60 comma 000 is invested at 5% interest. Find the amount of money in the account after 8 years if the interest is compounded annually.
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Formulas
Compound Interest Formula: A = P(1 + r/n)^(nt)
Theorems
Compound Interest Theorem
Suitable Grade Level
Grades 9-12
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