$2100 is invested at a rate of 7% compounded monthly. What is the amount after 10 years?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.7: Writing Exponential Functions
Problem 8CYU
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$2100 is invested at a rate of 7% compounded monthly. What is the amount after 10 years?

Expert Solution
Step 1 compound interest

In compound interest, total amount is given by

A=P[1+(r/n)]nt

 

 

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