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17 December, 03:34

Find the amount accumulated if 10000 is invested for 5 years at a rate of 5.9% compounded monthly

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  1. 17 December, 04:17
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    The interest is compounded 5^12 = 60 months

    monthly interest = 5.9 / 12 = 0.4917 %

    Amount after 5 years = 10,000 (1 + 0.4917/100) ^60

    = 13,465.17
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