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A principal of $8,416 is placed in an account that earns 7% interest. If the interest is compounded monthly, how much money will be in the account at the end of 14 years?

A principal of $8,416 is placed in an account that earns 7% interest. If the interest is compounded monthly, how much money will be in the account at the end of 14 years?
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A principal of $8,416 is placed in an account that earns 7% interest. If the interest is compounded monthly, how much money will be in the account at the end of 14 years?

User Arman Ordookhani
by
8.3k points

1 Answer

3 votes

Answer:

22,363

Explanation:

I used a compound interest calculator online

User Codium
by
8.3k points
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