Which question can be answered by solving the inequality 8d > 200 answers above
2 answers:
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Given:
Deposit = $7500
Rate of interest = 2.75%
Time = 4 years
Compounded monthly
n = 12
To find:
The balance in the account after 4 years
Solution:
Compound interest formula:
Here P = $7500, r = 2.75%, n = 12 and t = 4.
To convert percentage into fraction, divide by 100.
The balance in his account after 4 years is $8371.03.