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Calculate the amount after 1 year for a princip... - JSS3 Mathematics Whole Numbers II Question

Calculate the amount after 1 year for a principal amount of $500 at an annual interest rate of 10%, compounded annually.

𝐴=500(1+0.10/1)1×1

=500×1.10

=550. 

The amount after 1 year is $550.

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