SOLUTION: The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.
Principal: $4500
Rate: 6.5%
Compounded: monthly
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Question 1175023: The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.
Principal: $4500
Rate: 6.5%
Compounded: monthly
Time: 4 years
A. Find how much money there will be in the account after the given number of years.
B. Find the interest earned.
Answer by MathLover1(20849) (Show Source): You can put this solution on YOUR website!
The formula for compound interest is :
given:
% =>
(monthly)
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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