The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Princ

Question

The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.

Principal: $5500
Rate: 3.5%
Compounded: Monthly
Time: 3 years

A. Find how much money there will be in the account after the given number of years.
B. Find the interest earned.

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Thu Thảo 2 months 2021-08-01T05:26:24+00:00 2 Answers 2 views 0

Answers ( )

    0
    2021-08-01T05:27:35+00:00

    The answer is gonna be. = 607

    0
    2021-08-01T05:27:43+00:00

    Answer:

    A = 5500(1+3.5/12)^12(3)

    A= 6,107.97

    B= 607

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