How much was the interest of an investment with a future value of $36,920 and interest at 4% compounded monthly for a period of 2.5 years?
Question
Solution 1
To calculate the interest earned on an investment, we first need to find out the initial principal amount. We can do this by using the formula for compound interest which is:
A = P(1 + r/n)^(nt)
Where: A = the future value of the investment/loan, including interest P = the principal investment amo Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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