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28-05-2020
Mathematics

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An investment of $7000 is made in an account with a 4% interest rate that is compounded monthly. How much interest will the account have earned in 3 years? Round to two decimal places.

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jramos05315 jramos05315

28-05-2020

Answer:

$10,080

Step-by-step explanation:

4% of $7000 = $280

$280x 12 months= $3360 year

$3360 times 3 years = $10,080

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