A principal of $500 is invested at 7.5% compounded monthly for 7 years. ...

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A principal of $500 is invested at 7.5% compounded monthly for 7 years.
a) Calculate the accumulated interest at the end of each year.
b) Draw a graph to show the accumulated interest.
c) Use the graph to determine when the accumulated interest is $250.

    • 8 years ago
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    Year 1 P = 500, I = 0.075/12 = 0.00625, n = 12 ...
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