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Felix opened a savings account and deposited 300.00 as principal. The account earns 2% interest, compounded monthly. How much interest will he earn after 6 years?Round your answer to the nearest cent.

Solution

Solution

Interest : 38.22

Solution steps

Translate the problem into an equation:

338.21526 \dots = 300 + I

Solve for

I, 338.21526 \dots = 300 + I : I = 38.22

Interest : 38.22

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