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OpenStudy (anonymous):
How much does compounded monthly mean?
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OpenStudy (anonymous):
I know compounded annually means is 1 since a year, and compounded quarterly means 4.
OpenStudy (callisto):
monthly -> 12
OpenStudy (callisto):
eg, interest rate = 12% per annum, compounded monthly, calculate the amount you get after one year if you invest a principle of P \[Amount = P (1+\frac{12 percent}{12})^{1\times 12}\]
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