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18 May, 08:43

A $2000 principal earns 4% interest, compounded monthly. After 3 years, what is the balance in the account?

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  1. 18 May, 11:41
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    2000 X 0.4 = 800

    monthly=month 12 months in 1 year

    12 X 3 = 36

    800 X 36 = 28800

    The balance in the account is $28800
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