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1. If you deposit $6500 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years? Compare this to the amount you would have in the account with simple interest.

Respuesta :

After 7 years there will be $11358.24 in the account.
ryleesmith403

Answer:

After 7 years $11,358.24 in the account

Step-by-step explanation:

FV=6500[tex](1+\frac{0.08}{12})^1^2^(^7^)\\

FV=6500(1.00666666)^8^4\\

FV=6500(1.747422051)\\

FV=11358.24[/tex]

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