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suter [353]
3 years ago
15

Savanna Smiles invested $5,000 for one year in a CD that earns interest at a rate of 3.5% compounded monthly. What is the intere

st earned during the year? (Hint: Use the appropriate formulas and round at the end.)
A. $198.70
B. $145.92
C. $177.83
D. $162.97

Business
2 answers:
Mariulka [41]3 years ago
7 0
We are asked to solve for the interest during the year given that it is compounded monthly, we are given with the formula A = P(1+r)^n. The solution is shown below;
A = P (1+r)^n
A = $5,000 (1+ 3.5/12)^(12*1)
A = $5,000 (1.000292)^12
A = $5,177.84

Hope this helps!
olchik [2.2K]3 years ago
3 0
C, is the answer! :)
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ira [324]

Answer:

The equal opportunity laws of another country, not the United States is discussed below in details.

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MArishka [77]

Answer:

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