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11 July, 07:42

Find the balance in the account after the given period

$4,700 deposit earning 4.2% compound monthly, after 2 years

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  1. 11 July, 08:42
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    Equation:

    A = P (1 + rt)

    First, converting R percent to r a decimal

    r = R/100 = 4.2%/100 = 0.042 per year.

    Putting time into years for simplicity,

    24 months / 12 months/year = 2 years.

    Solving our equation:

    A = 4700 (1 + (0.042 * 2)) = 5094.8

    A = $5,094.80

    The total amount accrued, principal plus interest, from simple interest on a principal of $4,700.00 at a rate of 4.2% per year for 2 years (24 months) is $5,094.80.

    $5,094.80 is the answer.
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