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22 November, 07:40

1200$ invested at a rate of 3.5% compounded quarterly; 4 years

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  1. 22 November, 07:42
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    Step-by-step explanation:

    1st year:

    (1200 x 3.5 x 1) : 100 = $42

    2nd year:

    (1242 x 3.5 x 1) : 100 = $43.47

    3rd year:

    (1285.47 x 3.5 x 1) : 100 = $44.99≈ $45

    4th year:

    (1330.47 x 3.5 x 1) : 100 = $46.56

    Compound interest:

    $ (42 + 43.47 + 45 + 46.56)

    =$ 177.03
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