Question: That's incorrect. If interest is compounded annually, use the formula Upper A equals Upper P times left parenthesis 1 plus APR right parenthesis Superscript Upper

That's incorrect. If interest is compounded annually, use the formula Upper A equals Upper P times left parenthesis 1 plus APR right parenthesis Superscript Upper Y Baseline comma where A is the accumulated balance after Y years, P is the starting principal, and APR is the annual percentage rate expressed as a decimal

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