Solved: In 112, the principal represents an amount of money deposited in a savings
Chapter 8, Problem 8(choose chapter or problem)
In Exercises 1 – 12, the principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.
a. Find how much money there will be in the account after the given number of years. (Assume 360 days in a year.)
b. Find the interest earned. Round answers to the nearest cent
Principal |
Rate |
Compounded |
Time |
$2500 |
6.5% |
monthly |
4 years |
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