Question 1118739
how often is it compounded? I will assume it's compounded monthly. Also, it's 24 months, meaning a 2 year length of time.
number of compounding periods: n
length of time: 2
principal (the original amount): P
interest rate: r
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Amount = P(1+r/n)^nt
Amount = 7000(1+0.0325/12)^(12*2)
= 7000(1.00271)^24
= 7000(1.0671)
= 7469.70