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Suppose that you invest $6000 into a high yield Savings account that earns 2% annual interest and is compounded monthly. If you do not deposit or withdraw any money from the account, how much money will
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Suppose that you invest $6000 into a high yield Savings account that earns 2% annual interest and is compounded monthly. If you do not deposit or withdraw any money from the account, how much money will be in the account after 20 years?

User Ribin Haridas
by
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1 Answer

1 vote
Answer $15,000
Explanation
20×4%=0.4
6,000÷0.4=15,000
User Uamanager
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