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Vijay posted an Question
April 22, 2022 • 18:30 pm 30 points
  • IIT JAM
  • Mathematics (MA)

You deposit $100 in a savings account that earns 6% annual interest compounded monthly. write a function that represents the balance after 1 years.

You deposit $100 in a savings account that earns 6% annual interest compounded monthly. Write a function that represents the balance after 1 years.

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  • Anonymous User Best Answer

    CI= principal X(1+rate/100)^time =100X(1+6/100)^t =100X(106/100)^t = 100X(1.06)^t

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