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29 April, 11:51

Logan opened a savings account 21 years ago with a deposit of $3,471.52. The account has an interest rate of 3.1% compounded monthly. How much interest has Logan earned?

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  1. 29 April, 11:56
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    P = $3,471.52, the principal

    r = 3.1% = 0.031, annual ratr

    n = 12, monthly compounding

    t = 21 years

    Note that n*t = 252.

    The value after 21 years is

    A = 3471.52 * (1 + 0.031/12) ²⁵²

    = $6,650.91

    The interest earned is

    6650.91 - 3471.52 = 3179.39

    Answer: $3,179.39
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