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Find the amount if $300 is invested at 8% compounded monthly for 16 months.

Amount =

1 Answer

6 votes

Explanation:

Amount = Principal ( 1 + i) ^n i = decimal interest per month = .08/12

n = 16 months

amount = $ 300 ( 1+ .08/12)^16 = $ 333.65

User Linello
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