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patriot [66]
3 years ago
5

If 2000 dollars is invested in a bank account at an interest rate of 6 percent per year, find the amount in the bank after 7 yea

rs if the interest is compounded monthly
Mathematics
1 answer:
AfilCa [17]3 years ago
6 0

Answer:

$3007.26

Step-by-step explanation:

Step one:

given data

Principal= $2000

rate= 6%= 0.06

time= 7years

Required:

The final amount A

Step two:

the expression for the compound interest is

A= P(1+r)^t

substituting we have

A= 2000(1+0.06)^7\\\\A= 2000(1.06)^7\\\\A=2000*1.50363\\\\A=3007.26

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