If I deposit $200 in an account earning 6% interest compounded annually, how much will I have in the account in 20 years.

If I deposit $200 in an account earning 6% interest compounded annually, how much will I have in the account in 20 years.
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1 Answer

The growth rate is 1.06 annually.

In 20 years this is 1.06²⁰=3.20714 approx, and $200 would grow to $641.43.

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