Trav80i Trav80i

05-04-2017
Mathematics

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Interest on $2630 at 3% compounded annually for five years is?

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Brittsmit Brittsmit

05-04-2017

Compound interest formula:
P(1+APR/n)^(ny)

*2630(1+.03/12)^(12•5)=180676

To find Interest:
180676(12)(5)=183306

183306-2630=180676 -interest paid

Hope this helped!!

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