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20-04-2017
Mathematics

contestada

Use the compound interest formula to compute the total amount accumulated and the interest earned.

$3500 for 4 years at 1.1% compounded monthly
The total amount accumulated after 4 years is

?

(Round to the nearest cent as needed.)

Respuesta :

Aliwohaish12 Aliwohaish12

20-04-2017

A=3,500×(1+0.011÷12)^(12×4)
A=3,657.36

Interest earned
=3657.36-3500=157.36

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