Find the interest generated if one invests $6000 for 9 years at 7% per annum with interest compounded monthly

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Find the interest generated if one invests $6000 for 9 years at 7% per annum with interest compounded monthly

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Verity 5 years 2021-08-04T13:02:52+00:00 1 Answers 21 views 0

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  1. Jezebel
    0
    2021-08-04T13:04:13+00:00
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    Answer:

    principle= 6000

    time =9 years

    rate = 7%

    so,

    compound interest = p((1+r/100)^t. -1)

    = 6000((1+0.07)^9 -1)

    =6000(1.84-1)

    =6000*0.84

    =5040

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