1st year = $110,000
2nd year = $121,000
3rd year = $133,100
4th year = $146,410
5th year = $161,051
6th year = $177,156.10
7th year = $194,871.71
8th year = $214,358.88
9th year = $235,794.77
10th year = $259,374.25
Total gained on interest = $159,374.25
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"How much money should be deposited at 4.5 percent interest compounded monthly for 3 years?"Incomplete question.... to do what?
If it is not compounded the interest would be 2000x10x.05=1000 If it is compounded then it is different.
It earns 431.0125 . After 4 years, it has grown to 2,431.01 .
Compounded annually: 2552.56 Compounded monthly: 2566.72
1257