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Interest on $2630 at 3% compounded annually for five years is?
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Interest on $2630 at 3% compounded annually for five years is?

User Adam Schroeder
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1 Answer

1 vote
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!!
User BostonJohn
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