You deposit $2,500 in a special savings account. The account earns interest at a rate of 3.25% compounded monthly. a. What amount will be in

Question

You deposit $2,500 in a special savings account. The account earns interest at a rate of 3.25% compounded monthly. a. What amount will be in your account at the end of 5 months is no other deposits or withdrawals are made? b. What is the compound interest?

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Acacia 3 years 2021-08-06T15:58:43+00:00 1 Answers 56 views 0

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  1. mit
    0
    2021-08-06T16:00:12+00:00
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    Answer:

    1. $2906.25

    2. $406.25

    Step-by-step explanation:

    2500+ (3.25% of 2500) (5)

    2500+ (81.25) (5)

    2500+ $406.25

    =2906.25

    3.25% of 2500

    =406.25

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