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Calculate the amount of interest each year

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Reference no: EM132681938

Alicia invested $50,000. Each year, 8% of the current year's account value is earned in interest (compound interest).

Part 1 of 2

(A) what growth factor will be used to calculate the amount of interest each year? The growth factor is

(B) what will be the total value of the account after six years? Round to the nearest cent. The total value of the account after six years will be $

Reference no: EM132681938

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