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27 May, 18:46

1. Jacob opens an online-only savings account and deposits $50 each month. The annual interest rate is

2.5 percent. Interest is compounded monthly. What is the total amount in the account after 5 months?

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Answers (1)
  1. 27 May, 19:02
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    Step-by-step explanation:

    Deposit = $50

    Interest = 2.5

    Duration = 5months

    Total amount after 5 months =

    50/100 x 2.5/1

    1.25 x 5

    = $6.25
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