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If $10,000 is deposited into a savings account that pays 2.3% annual interest, how much more would the account be worth if interest were compounded monthly rather than annually …

If $10,000 is deposited into a savings account that pays 2.3% annual interest, how much more would the account be worth if interest were compounded monthly rather than annually …
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If $10,000 is deposited into a savings account that pays 2.3% annual interest, how much more would the account be worth if interest were compounded monthly rather than annually over a period of 30 years? Round to the nearest dollar.

asked
User Pierre Inglebert
by
9.1k points

1 Answer

2 votes
The final balance is $241
The total compound interest is $121.02.
answered
User Roberto Aureli
by
8.5k points
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