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18 September, 07:34

Isabel deposits$6000 into an account that earns1.5% interest compounded monthly. assuming no more deposits and no withdrawals are made, how much money is in the account after 4 years?

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  1. 18 September, 09:44
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    Interest earned in a month

    (1.5/100) * 6000

    90

    Number of months in 4 years

    12*4

    48

    So the interest earned in 4 years

    90*48

    4320 dollars
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