Asked by netta
Anny invests $3500 at %6 compounded monthly for 1 year
Answers
Answered by
Damon
.06/12 = .005 = interest rate/month
so multiply by 1.005 every month for 12 months
3500 * 1.005^12 = 3715.87
so multiply by 1.005 every month for 12 months
3500 * 1.005^12 = 3715.87
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