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

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,

Step 3

Obtain the total amount accumu...

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