Find the amount given the future value formula, interest rate, and time.
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Using the formula, A=P (1+ r/n)nt, let r = 10%, P = 1, and n = 1 and give the coordinates (t, A) for the points where t = 0, 1, 2, 3, 4. Round your answer to the hundredth's place.
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The solution gives the answer to the question and a complete explanation. It provides the formula for calculating compound interest. This solution is provided in plain text and in an attached Word document.
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Exponential Functions
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The general formula for compound interest is A = P(1 + r/n)nt. Given the specifics of this problem (a rate of 10% (r = 0.10), a starting value of $1 (P = 1), and compounding only once per year (n = 1)), the formula that we will use is:
A = (1)(1 ...
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