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22 November, 19:55

You deposit $2500 in a bank account that pays 5% annual interest. Find the balance

after 4 years if the interest is compounded monthly. Round to the nearest cent.

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  1. 22 November, 20:24
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    annual interest = $125, over 4 years=$500

    Step-by-step explanation:

    2500/20=125 or break the 2500 by 100 and 5% of 100 is 5. 5x25 = 125
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