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Jane deposited $10,000 into her bank account in December, 2011. Her account earns interest at a rate of 3% compounded monthly. How much money will she have in December of this year (2019)?

Round your answer to the nearest whole number.

Compound Interest Equation:

A=P(1+r/n)^nt

Respuesta :

amanarsalan

Answer:

$12,709

Step-by-step explanation:

P = $10,000

r = 3% = 0.03

t = 8 Years

n = Compounded Monthly = 12

A = P [1 + (r / n)]^nt

A = $10,000 [1 + (0.03 / 12)]¹² ˣ ⁸

A = $10,000 [1 + 0.0025]⁹⁶

A = $10,000 [1.0025]⁹⁶

A = $10,000 x 1.270868

A = $12,709

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