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## Madeline is going to invest in an account paying an interest rate of 4.4% compounded annually. How much would Madeline need to invest,

Question

Madeline is going to invest in an account paying an interest rate of 4.4% compounded

annually. How much would Madeline need to invest, to the nearest ten dollars, for

the value of the account to reach $16,600 in 12 years?

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Mathematics
3 years
2021-09-04T17:11:49+00:00
2021-09-04T17:11:49+00:00 1 Answers
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## Answers ( )

Answer:$9540

Step-by-step explanation:A = P(1 + r)^t

16600 = P(1.044)^12

P = 16600/(1.044)^12

P = $9,543.64