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20-04-2017
Mathematics

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Use the compound interest formula to compute the total amount accumulated and the interest earned.
$6500 for 5 years at 7% compounded daily (use n equals=360)

The total amount accumulated after 5 years is ?

Respuesta :

Aliwohaish12 Aliwohaish12

20-04-2017

A=6,500×(1+0.07÷360)^(360×5)
A=9,223.63

Interest earned
9223.63-6500==2,723.63

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