Asked by Edna
A customer of Central States Bank places $3,500 in a savings plus account for 9 months. The interest is 4.5%. What total amount is in the account at the end of this time?
Answers
Answered by
Steve
if simple interest, 3500*.045*9/12 = 118.13
if compounded monthly, 3500(1+.045/12)^9-3500 = 119.91
if compounded monthly, 3500(1+.045/12)^9-3500 = 119.91
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