Question
Asked Nov 8, 2019
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Use the compound interest formula to compute the total amount accumulated and the interest earned.

$2500 for 4 years at 3.6​% compounded monthly

The total amount accumulated after 4yrs is $_____

Round to the nearest cent as needed

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Expert Answer

Step 1

Step 2

Here, A is the total amount, P is the principal, r is the interest rate, n is the number of compounding’s .That is,

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P 2500, r 3.6% = 0.036,t = 4 and n 12

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Step 3

Obtain the total amount accumu...

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124 0.036 A 2500 1 12 48 2500(1.003) 2500(1.15463 =$2886.59

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Math

Advanced Math