1. (5 points) Determine the balance in an account when $2,200 is depositied for 15 years at an interest rate 3.5% compounded monthly.
Added by Audrey C.
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Since the annual interest rate is 3.5%, we can divide it by 12 to find the monthly interest rate: Monthly interest rate = $\frac{3.5\%}{12} = \frac{3.5}{12 \cdot 100} = \frac{7}{240}$ Now, we can use the formula for compound interest to find the balance in the Show more…
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