Math Problem Statement

If Mr. Dunn continues to invest for an additional 2 years at the same interest rate, what will the total amount in his account be after 5 years?

Solution

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Math Problem Analysis

Mathematical Concepts

Interest Calculation
Compound Interest
Simple Interest

Formulas

Simple Interest: A = P(1 + rt)
Compound Interest: A = P(1 + r/n)^(nt)

Theorems

Compound Interest Theorem
Simple Interest Theorem

Suitable Grade Level

Grades 9-12