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Lizbeth deposited $6200 into a savings account for which interest is compounded monthly at a rate of 2.37%. How much interest will she earn after 8 years?
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Lizbeth deposited $6200 into a savings account for which interest is compounded monthly at a rate of 2.37%.

How much interest will she earn after 8 years?

User Ali Celebi
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2 Answers

4 votes
3,840$ i think its right thats what i got its a lot of work im only in 7th grade and i know this hope this was helpful.....
User Wnafee
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A=6,200×(1+0.0237÷12)^(12×8)
A=7,492.95
Interest earned 7492.95-6200=1492.95
User Atluriajith
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