Question

COMPUND INTEREST EXAMPLES ​

Answer 1

Step-by-step explanation:

Let's look at an example

If an amount of $5,000 is deposited into a savings account at an annual interest rate of 5%, compounded monthly, the value of the investment after 10 years can be calculated as follows... P = 5000. r = 5/100 = 0.05 (decimal). n = 12.

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