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15 September, 21:59

An investment of $8,350 earns 5.2% interest compounded monthly over 10 years. Approximately how much interest is earned on the investment?

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  1. 15 September, 23:46
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    Total = Principal * (1 + rate/n) ^years*n

    where n is the number of compounding periods per year

    Total = 8,350 * (1 +.052 / 12) ^120

    Total = 8,350 * (1.0043333333) ^120

    Total = 8,350 * 1.6801390765

    Total = 14,029.16
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