Write the sum of 32+20 as the product of their GCF and add another sum
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To answer this question we will use the following formula for compounded monthly interest:
where A₀ is the initial amount, r is the annual interest as a decimal number and 12 is the number of years.
Notice that:
Therefore, substituting t=42, r=0.02, and A₀=120000 we get:
Simplifying the above result we get:
Answer: $277,769.75.