Question

Asked Sep 27, 2019

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Step 1

To find the amount present in bank after time t years we use the below formula:

where,

P = Principal or amount of money deposited

n = number of times compounded per year

r = annual interest rate

t = times in years

A = total amount after t years.

Step 2

Given:

Amount of money deposited, P = $2000/-

Interest Rate, r = 3.3%

number of times compounded per year, N = 4

Time, t = 10 years

Step 3

Plugging these values in the a...

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