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11 July, 10:07

Lizabeth deposited $6,200 into a savings account for which interest is compounded monthly at a rate of 2.37% how much interest will she earn after 8 years

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  1. 11 July, 13:38
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    A=p (1+r/k) ^kn

    A=6,200 * (1+0.0237:12) ^ (12*8)

    A=7,492.95

    Interest earned A-p

    7,492.95-6,200=1,292.95
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