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natulia [17]
3 years ago
10

you deposited $5500 in a account that pays 3.6% annual interest. find the balance after 2 years if the interest is compound mont

hly
Mathematics
1 answer:
Sedaia [141]3 years ago
6 0

Answer:

$5,909.97

Step-by-step explanation:

We will use the compound interest formula for this problem as shown below:

A=P(1+\frac{r}{n} )^{nt}

<em>P = initial balance</em>

<em>r = interest rate (decimal)</em>

<em>n = number of times compounded annually</em>

<em>t = time</em>

<em />

First, change 3.6% into a decimal:

3.6% -> \frac{3.6}{100} -> 0.036

Now plug in the values:

A=5,500(1+\frac{0.036}{12})^{12(2)}

A=5,909.97

After 2 years, the balance would be $5,909.97

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