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20 June, 09:01

Ava opens an account with $400. She deposits $200/month for 20 years. The interest rate is 2.15%. How much interest will she have

earned after 20 years?

O a $61,243.59

Ob $48.800

OC 12.443.59

d. None of the above.

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Answers (1)
  1. 20 June, 09:19
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    d. None of the above = $24,118.96 is the interest accumulated set at 2.15% interest.

    Step-by-step explanation:

    2400 x 20 x 1.0215^19 = 71906.8535769

    plus + 400 x 1.0215^20 = 612.107091074 the answer is 72518.960668 saved after 20 years

    72518.960668 - 48400 = 24118.960668

    rounded to 2dp = $24,118.96 interest.
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