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4 February, 21:30

If 7800 is invested at 5.2 interest compounded monthly, how much will the investment be worth in 11 years

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  1. 4 February, 21:45
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    To add 3.5% to a number you simply multiply the number by 1.052. To compound that amount year after year, you raise 1.052 to an exponent that corresponds to the number of years. 7800 * (1.052^11) = 13622.8426605
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