Question 19 10 Points To the nearest two decimal places, find the amount in an account after 5 years at 6% annual percentage rate compounded monthly, if the money initially deposited was $15,000. A 20,232.75 B 15,378.77 C 19,500.00 D 20,073.38
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Step 1: The formula for compound interest is: $$A = P(1 + \frac{r}{n})^{nt}$$ where: * A is the amount of money after t years * P is the principal amount (initial investment) * r is the annual interest rate (as a decimal) * n is the number of times that interest is Show more…
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Manisha S.
2) Suppose $3500 is deposited in an account paying 4% interest compounded continuously for 5 years. a) Find the total amount in the account at the end of 5 years. Give your answer to the nearest hundredth (two decimal places). b) Find the total amount of interest accrued over the 5-year period. Give your answer to the nearest hundredth (two decimal places).
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