document.write( "Question 603361: Steve's bank pays an annual interest rate of 2.8 percent on a savings account. The interest is compounded monthly. If Steve deposits $1,000 in a savings account, how much interest will he earn in 3 months? \n" ); document.write( "

Algebra.Com's Answer #380674 by ewatrrr(24785) $\"\"$ $\"About$

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document.write( "Hi,
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document.write( "Note:  In General: 
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document.write( "P= principal = 1000
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document.write( "r= annual rate = .028
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document.write( "m= periods per year = 12
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document.write( "t= years = 1/4
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document.write( "A= $1006.01
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document.write( "interest earned in 3 months = $6.01 \n" );
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