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OpenStudy (anonymous):
Lizbeth deposited $6200 into a savings account for which interest is compounded monthly at a rate of 2.37%. How much interest will she earn after 8 years?
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OpenStudy (tkhunny):
Have you considered the accumulation formula? \(6200\cdot\left(1 + \dfrac{0.0237}{12}\right)^{12\cdot 8}\)
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