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March 26, 2017

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If you have a savings of $2235 and deposit the amount into an account that pays 2% annual interest, compounded monthly, what is the balance in the account after 4 years?

  • math - ,

    4 years = 48 months
    interest/month = .02/12 = .00166666666
    so every month multiply by 1.001666666

    2235 * 1.001666666666^48 = 2420.99
    or about 2421.

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