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How much interest will 20000 earn in three years if invested at 10 percent compounded monthly?
Updated: 11/1/2022
Short of a loan shark or (equivalently) a credit card company, nobody charges or offers 10% interest per month (equivalent to 214% annually).
But, that is what you asked for so
the answer is 20,000*[(1 + 10/100)12*3 - 1]
= 20,000*[1.136 - 1 ]
= 618,254 - 20,000
= 598,254 (approx).
What else can I help you with?
Continue Learning about Math & Arithmetic
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