Question
Find the balance in each account after the given period.20,000 dollars deposit earning $3.5 \%$ compounded monthly, after $10 \mathrm{yr}$
Step 1
Since the interest is compounded monthly, we divide the annual interest rate by 12. So, the monthly interest rate is $3.5\% \div 12 = 0.29167\%$. Show more…
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