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What will be the accumulated amount if you invest 38300 for 7 years at 9 percent compounded monthly?
Chaithu99
The appropriate formula is A = P(1 + R)x, where
A = amount (unknown for us)
P = principal (38,300)
R = rate per interest periods (.09)
x = number of interest periods (7*12= 84)
Substitute the information into the formula:
A = 38,300(1 + .09)84
A = 53,336,510.76
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∙ 13y ago
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How much is 6 percent interest on 315000 monthly?
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£765.31
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Invest at an amount of 200000 at a bank that offers an interest rate of 7,6%p.a Compounded annually for a period of 3 years
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