SOLUTION: A family deposites $5000.00 at an interest rate of 7% ayear. How much money will there be after 20 years?

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Question 916617: A family deposites $5000.00 at an interest rate of 7% ayear. How much money will there be after 20 years?
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
Depends.
Is it simple interest?
If it's compound interest (likely) what is the compounding period?