Finite Mathematics Quiz
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PROBLEM-SOLVING & QUANTITATIVE REASONING
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A compound interest calculation requires finding the value after 77 years with quarterly compounding at 5.2%5.2\% annual rate. A student calculates A=5000(1.052)28A = 5000(1.052)^{28} and gets A=21,405.67A = 21,405.67. The correct answer is A=7,061.89A = 7,061.89. What compounding error was made?
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