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vesna_86 [32]
3 years ago
8

if 11,100 is invested at 3.1 percent interest compounded monthly, how much will the investment be worth in 19 years?

Mathematics
2 answers:
serious [3.7K]3 years ago
4 0

Answer:

D

Step-by-step explanation:

Fynjy0 [20]3 years ago
3 0
The formula for compound interest is:
A=P(1+r/n)^(nt)
Where A represents the amount of money in the account after t years, P is the principal (investment), n is the number of compoundings per year, and r is the interest rate in decimal form.
P=11,100
r=.031
n=12 (monthly)
t=19
A=11,100(1+.031/12)^(12*19)
A=11,100(1+. 002583)^(228)
A=11,100(1.002583)^(228)
A=11,100(1.80082)
A=$19,989.10
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