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Interest on $2630 at 3% compounded annually for five years is?
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Jun 2, 2018
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Interest on $2630 at 3% compounded annually for five years is?
Mathematics
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Adam Schroeder
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Compound interest formula:
P(1+APR/n)^(ny)
*2630(1+.03/12)^(12•5)=180676
To find Interest:
180676(12)(5)=183306
183306-2630=180676 -interest paid
Hope this helped!!
BostonJohn
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Jun 8, 2018
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