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Parents of a newborn child allocated $20,000 of their savings to an in

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Carcass
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Parents of a newborn child allocated $20,000 of their savings to an in [#permalink] New post   30 Jun 2021, 06:01
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Parents of a newborn child allocated $20,000 of their savings to an investment that earns 0.75% annual interest, compounded monthly. If there are no other transactions in the investment account, what is the amount of money (to the nearest cent) in the account 1 month after the account is opened?

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$ 20,012.5
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Re: Parents of a newborn child allocated $20,000 of their savings to an in [#permalink] New post   30 Jun 2021, 06:24
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Carcass wrote:
Parents of a newborn child allocated $20,000 of their savings to an investment that earns 0.75% annual interest, compounded monthly. If there are no other transactions in the investment account, what is the amount of money (to the nearest cent) in the account 1 month after the account is opened?

Show: :: OA
$ 20,012.5


P = $20000
R (per annum) = 0.75
T = 1 month = 112 year

S.I of 1 month =(20000)(0.75)100(112)

S.I = $12.5

Amount = P + S.I = 20000 + 12.5 = $20012.5
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Re: Parents of a newborn child allocated $20,000 of their savings to an in [#permalink]
30 Jun 2021, 06:24
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