- #1
Niaboc67
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Eve deposited $8.000 in a 3-year certificate of deposit, which pays 2.2% compounded monthly. Find the account value at the end of the 3rd year and the amount of interest earned during the whole 3-year period.
I think i use the payment to a sinking fund formula but i am not sure. possible formula: R=S*i/((1+i)^n -1)
Any help would be great thank you!
I think i use the payment to a sinking fund formula but i am not sure. possible formula: R=S*i/((1+i)^n -1)
Any help would be great thank you!