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  • one year ago

Given: Suppose you found a CD that pays 3.5% interest compounded monthly for 5 years. If you deposit $10,000 now, how much will you have in the account in 5 years? (Round to the nearest cent.) $ 11909.43 (This is what I got) What was the interest earned? (Round to the nearest cent.) (This is the part I don't understand)

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  1. anonymous
    • one year ago
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    I know the formula being used is Pn= Po (1+r/k) ^NK

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