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Phantasy [73]
3 years ago
13

The APR of Caesar's savings account is 3.6% and interest is compounded monthly the principal and Cesar savings account with $6,6

00 for an entire year what will be the balance of his account after the interest is paid for the year
Mathematics
2 answers:
ra1l [238]3 years ago
8 0

Answer:

6841 apex approved

Step-by-step explanation:

Kaylis [27]3 years ago
4 0

Answer:

$6841.56

Step-by-step explanation:

formula for compound interest is

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

P is the initial amount= 6600

r is the rate of interest = 0.036

t is the number of years = 1

n = compounded monthly = 12

plug in the values in the formula

A = 6600(1+\frac{0.036}{12})^{12*1}

A = 6600(1.003)^{12*1}

A= 6841.55986990

$6841.56 is the balance of his account after the interest is paid for the year


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