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moongazer
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Mark invested $4000 in a bank with a 10% monthly interest. How much money will he have after 40 months if the interest covers the previous amount plus interest.
 one year ago
 one year ago
moongazer Group Title
Mark invested $4000 in a bank with a 10% monthly interest. How much money will he have after 40 months if the interest covers the previous amount plus interest.
 one year ago
 one year ago

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thushananth01 Group TitleBest ResponseYou've already chosen the best response.0
find the interest for the next 40 months that is 10/100 * 4000 = $400 per month for 40 months = $400 * 40= $16000 Total amount = previous amount + interest = 4000 + 16000 ?
 one year ago

moongazer Group TitleBest ResponseYou've already chosen the best response.0
not that one for example during the first month I got $4200 then for the 2nd month i will have 4200*.05 = 210 4200+210= $4410 I will have $4410 in the 2nd month and so on until I arrive at 40 months
 one year ago

thushananth01 Group TitleBest ResponseYou've already chosen the best response.0
i think u hve to do it, one by one. since it is a compund interest>
 one year ago

moongazer Group TitleBest ResponseYou've already chosen the best response.0
I got it already :) I found an online calculator that computes things like this. Anyway, thanks for the help. :)
 one year ago
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