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Samuel and Kathleen deposit $700.00 into a savings account which earns 4% interestcompounded monthly. They want to use the money in the account to go on a trip in 2 years.How much will they be able to spend?

Respuesta :

To find how much they will be able to spend, we have to use the compoud interest formula, so:

[tex]\text{Amount}=700000\cdot(1+0.04)^{24}[/tex][tex]Amount=1794312.92[/tex]

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