Math Problem Statement
A bank offers a 2% annual interest rate, compounded annually, for a certain fund. Give an exponential model for a sum of P10,000 invested under this scheme. How much money will there be in the account after 20 years?
Solution
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Math Problem Analysis
Mathematical Concepts
Exponential Growth
Compound Interest
Algebra
Formulas
A = P(1 + r/n)^(nt)
Theorems
Compound Interest Theorem
Suitable Grade Level
Grades 10-12
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