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OpenStudy (anonymous):
a sum of $20 000 is invested at 15% p.a. over 5 years. How much money is in the bank at the end of the 5 years if interest is paid monthly
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OpenStudy (anonymous):
The formula is: \[I = P(1 + \frac rn)^{nt}\] Where P is principal, r is rate in decimal form, n is number of times a year, and t is number of years.
OpenStudy (anonymous):
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