Eric May invested $7,500 at 4.6 % interest compounded monthly, for 5 years. What is the amount of money he has in his account at the end of 5 years?
Added by Matthew E.
Step 1
Since the annual interest rate is 4.6%, we can divide this by 12 to find the monthly interest rate: (4.6% / 12) = 0.3833% Now, we need to convert this percentage to a decimal: 0.3833% = 0.003833 Show more…
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