Lizbeth deposited $6200 into a savings account for which interest is compounded monthly at a rate of 2.37%. How much interest wi
2 answers:
Answer: $1292.95
Step-by-step explanation:
Given: The principal investment deposit = P = $6,200
The annual interest rate= 2.37%
The annual interest rate (decimal) r=0.0237
The number of times that interest is compounded per year
= 12
The number of years the money is invested for= 8 years
The formula for annual compound amount is:
The amount she earned = A-P=
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