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1 September, 16:03

You deposit $3000 in an account earning 8% interest compounded monthly. How much will you have in the account in

15 years?

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  1. 1 September, 17:01
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    Step-by-step explanation

    :Amount (A) A = p (1 + r/100) n where A is the amount, p is the principal, r is the rate which is 8% and n is the time.

    Therefore, A=p (1+8/100) 15 raised to the power of 15.

    A = 3000 (100+8/100) 15

    = 300x (108/100) 15

    = 300x (1.08) 15, = $9,516.507
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