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An investment of $7000 is made in an account with a 4% interest rate that is compounded monthly. How much interest will the account have earned in 3 years? Round to two decimal places.

User Boying
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Answer:

$10,080

Explanation:

4% of $7000 = $280

$280x 12 months= $3360 year

$3360 times 3 years = $10,080

User Wowest
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