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Jill deposited $2,500 in a savings account at a rate of 7.75%,
compounded monthly. How much was in her account after three months?

  • Math -

    Assistance needed.

  • Math -

    You can do this one of two ways.
    The long way is to make three problems.
    2500 + (2500)x (0.0775/12) = ?? and that will be the amount at the end of the first month.
    Then do the problem again for the second month and a third time for th third month.
    A shorter way is use the formula for interest compounded.
    Amount = 2500*[(0.0775/12)+1.00]3 = ??
    I obtained 2548.75 either way.

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