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marissa [1.9K]
3 years ago
15

How much would $200 invested at 7% interest compounded monthly worth after 5 years​

Mathematics
2 answers:
Tpy6a [65]3 years ago
7 0

9514 1404 393

Answer:

  $283.53

Step-by-step explanation:

The compound interest formula is useful.

  A = P(1 +r/12)^(12t)

gives the amount A when principal P is invested at annual rate r compounded monthly for t years.

Using your values, this is ...

  A = $200(1 +0.07/12)^(12·5) ≈ $283.53

The investment would be worth $283.53 after 5 years.

shusha [124]3 years ago
7 0

Answer:

$280.51

Step-by-step explanation:

just took this

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