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OpenStudy (anonymous):
What is the total amount that Matthew's bank will receive after lending him $8,000 for four years at an interest rate of 6 percent, compounded annually? total amount = P (1 + i)t
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OpenStudy (anonymous):
P = 8000 i = 6/100 = 0.06 t = 4 \[Total = 8000(1.06)^4 = 10099.8\]
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