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OpenStudy (anonymous):
A total of $59,000 is compounded monthly at an interest rate of 11.2%. How much is there after 9 years?
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Parth (parthkohli):
If you think about it, 9 years = 12 * 9 = 108 months. Using continuous compounding: \(\Large \color{Black}{\Rightarrow 59000(1 + 0.112)^{108} }\)
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